Vietnam: The Department of Crop Production plans to plant 7.1 million hectares of rice

Published Jan 18, 2024

Tridge summary

In 2023, India's suspension of rice exports allowed other countries, including Vietnam, to take advantage of increased demand and achieve unprecedented export results, with 8.131 million tons of rice worth nearly 4.7 billion USD. Vietnam's rice export prices reached record highs, and predictions indicate that rice prices will continue to rise in 2024 due to supply concerns. World rice production, consumption, and inventories are all expected to reach record levels in the 2023/24 crop year, with ending stocks forecasted to be the lowest in six years.

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Original content

Assessing the results of rice exports in 2023, Mr. Nguyen Nhu Cuong, Director of the Department of Crop Production (Ministry of Agriculture and Rural Development), said that India's restriction on rice exports has had a major impact on the world rice market. "India accounts for 40% of the world's rice exports, so India's temporary suspension of rice exports is considered an opportunity for other countries and Vietnam has turned that opportunity into money to increase farmers' income." , Mr. Cuong said. Also according to Mr. Cuong, in addition to the sudden increase in world market demand, rice export results in 2023 will also be achieved thanks to flexibility in direction and administration. "Directive No. 24/CT-TTg of the Prime Minister dated August 5, 2023 on firmly ensuring national food security and promoting sustainable rice production and export in the current period" has become an important direction for functional branches and localities to implement. Accordingly, the ...

Source: Danviet