2030 rice exports targeted at 4 million tons

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Latest strategy shifts export structure towards sustainable development in key markets.

Vietnam targets exporting 4 million tons of rice by 2030, under the Development Strategy of Rice Export Markets in 2017-2020 and Vision to 2030 approved recently by the Prime Minister.

Remarkably, Japanese Japonica rice grown in Vietnam is targeted to account for 40 per cent of exports.

By 2030, the Asian market is to account for about 50 per cent of total rice exports, Africa 25 per cent, the Americas 10 per cent, Europe 6 per cent, the Middle East 5 per cent, and Oceania 4 per cent.

The general direction of the strategy is to shift the structure of exports towards sustainable development in key markets. At the same time, attention must be paid to the development of markets where there is demand for high quality rice.

Vietnam exported an estimated 1.28 million tons of rice in the first three months of this year, earning $570 million but down 18 per cent in volume year-on-year and 17.3 per cent in value, according to the Ministry of Agriculture and Rural Development.

The US Department of Agriculture (USDA) said in a recent report that India and Vietnam, the world’s leading rice exporters, may see overseas sales fall below previously expected levels due to slowing demand and rising competition from China.

Mexico, meanwhile, has given the green light to 150,000 tons of rice being imported at zero per cent tariffs, starting from March 1, to meet domestic demand and diversify its supply sources, a move that would cut the market share currently held by the US and open the door to Vietnamese rice.