Vietnamese rice exports surpassed US$1 billion in the first four months of the year. (Photo: VOV)

Most notably, the price of local rice remains at a higher level than that of regional peers such as Thailand and India.

April alone witnessed the nation export approximately 550,000 tonnes of rice worth US$273 million, thereby bringing the total volume in the opening four months of the year to 2.05 million tonnes worth US$1 billion. This marks a rise of 4.4% in volume, but a decline of 6% in value against the same period last year.

Despite suffering a drop in value, the nation’s rice price remains at a higher level than in other countries.

Furthermore, after rising to US$425 per tonne in mid-April, Vietnamese 5% broken rice fell to US$415 per tonne, equivalent to March’s average price.

Elsewhere, the Philippines continues to represent the largest consumer of Vietnamese rice with a 42.6% market share.

In particular, strong import growth was recorded in the Ivory Coast, which saw an increase of 76% compared to last year’s corresponding period.

According to figures given by the MARD, Vietnamese rice exports are anticipated to pick up over the coming months, with stronger demand from markets such as China, Bangladesh, Iran, and Sri Lanka.