Vietnam spends nearly 850 million USD in 8 months to import rice

Vietnam has seen a significant increase in rice imports in the first 8 months of 2024, with expenditure reaching 843 million USD, a 43.6% rise from the previous year. This surge is expected to propel the country's rice import turnover to surpass 1 billion USD for the year, setting a new record. The majority of the imported rice is of the low-grade variety, intended for various food processing and animal feed production. This trend is attributed to high domestic rice prices, which have made it economically viable for local enterprises to import cheap rice from countries like India and Cambodia. Despite the rise in imports, Vietnam's rice exports have experienced substantial growth, with a value of 3.85 billion USD from January to August 2024. This growth is largely due to increased export prices and the improved quality of Vietnamese rice. The country's strategy to enhance the quality of its rice grains, focusing on fragrant, high-quality varieties, aims to maintain its leading position in the global rice export market.