Loc Troi, one of three major enterprises wins orders to export rice to Indonesia

Among these, three major rice enterprises - the Loc Troi Group Joint Stock Company (LTG), the Viet Nam Northern Food Corporation (Vinafood 1), and the Viet Nam Southern Food Corporation (Vinafood 2) - each won two lots.

Viet Nam stands out as the only country with multiple businesses participating and securing a substantial number of bids.

According to the General Department of Viet Nam Customs, Indonesia surpassed China to become Viet Nam’s second-largest rice importer in 2023, with 1.16 million tons worth US$640 million.

Last year, Viet Nam's rice exports soared to 8.13 million tons with total revenue of US$4.7 billion, setting a new record. This marked a 14.4 percent increase in volume and a 35.3 percent rise in value from the previous year, despite challenges from the El Nino weather pattern.

Viet Nam's traditional rice import markets, such as the Philippines and Indonesia, all need to increase rice imports.