Statistics from the General Department of Vietnam Customs showed that Vietnamese rice had average prices of USD 531 per tonne, up 9.20 percent on last year’s prices and marked a decade-high.
The Philippines remained Vietnam's largest rice export market in the first quarter with a value of USD 450.40 million, up 45 percent against the same period last year and accounted for 45.80 percent of Vietnam's total rice export value. In March alone, rice exports to the Philippines soared with value reaching USD 245.70 million, up 295 percent from March last year.
Vietnam also earned USD 199 million from exporting rice to China, up 119 percent on year, making it the second largest importer of Vietnamese rice.
Vietnamese rice will likely continue to be sought after in the second quarter of the year as demand has been on the rise in major markets including the Philippines, China and Africa, said the Vietnam Food Association (VFA).
Nguyen Ngọc Nam, President of the VFA, said Vietnamese rice has been fetching good prices on the international market despite a gloomy outlook for the global economy as countries look to stock up on food for uncertain times ahead.
In addition, major free trade agreements including the European Union - Vietnam Free Trade Agreement (EVFTA) have seen tariffs on Vietnamese rice reduced by as much as EUR175 per tonne, giving Vietnamese premium rice an advantage in European markets.
As demand soars, exporters have been trying to purchase additional amounts from farmers to maximise efficiency and profit.
Le Thanh Tung, deputy head of the plant cultivation department under the Ministry of Agriculture and Rural Development, said rice production this year for the Mekong Delta alone is projected to reach 24 million tonnes. Consumption for the delta and Ho Chi Minh City, Vietnam's most populous city, will stay at around 11 million tonnes, leaving 13 million tonnes for export.