Published date:
30/01/2026
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During the second quarter, Vietnam’s export rice prices decreased by 5.6% compared to the first quarter but remained 15.4% higher than the same period last year. India’s consideration of easing rice export restrictions may continue to put downward pressure on rice prices in the coming period; however, Vietnam’s rice industry is expected to remain favorable due to sustained strong market demand.
According to data from the General Department of Customs, Vietnam’s rice exports in the second quarter reached nearly 2.4 million tons, valued at usd 1.46 billion, up 8.4% in volume and 2.4% in value compared to the first quarter. Compared to the same period last year, export volume slightly decreased by 0.6%, while export value increased by 14.7%.
Cumulatively, during the first six months of the year, rice exports reached a record 4.55 million tons, generating nearly usd 2.9 billion in revenue, up 7.4% in volume and 28.1% in value compared to the same period last year.
Vietnam’s average export rice price in the second quarter reached usd 618 per ton, down 5.6% compared to the first quarter but up 15.4% compared to the second quarter of 2023. Compared with the peak recorded in january this year, Vietnam’s rice trading prices in the global market have recently declined, although the overall price level remains higher than in previous years.
Overall, during the first six months of the year, Vietnam’s average export rice price reached usd 635 per ton, up 19.3% compared to the same period last year.
In the domestic market, rice and paddy prices in the mekong delta region also declined by 5–10% during the second quarter. As of late june and early july, domestic rice and paddy prices had decreased by approximately 15–25% compared to the beginning of the year; however, compared to the same period last year, paddy prices remained 5–8% higher and rice prices were up by 13–15%.
Recent information indicates that India – the world’s leading rice exporter – is likely to ease export restrictions in the remaining months of this year. This move by India is expected to strongly impact the global rice trade and further cool down rice prices in the coming period.
Therefore, we believe that Vietnam’s export and domestic rice price levels in the second half of 2024 will be lower than the same period last year. However, rice export activities are expected to remain favorable because Vietnam’s product categories and consumption market segments do not directly compete with India.
The Philippines’ decision to reduce rice import tariffs from 35% to 15% for both in-quota and out-of-quota rice imports until 2028 is expected to stimulate the country’s import activities. This presents opportunities for the world’s leading rice-exporting countries, including Vietnam – the largest rice exporter to the Philippines, accounting for more than 80% of market share last year.
Meanwhile, in Indonesia, rice production from january to august this year is estimated to decline by 9.5% compared to the same period last year. Indonesia’s National Food Agency (Bapanas) forecasts that the government may need to import up to 5 million tons of rice this year, which would be a record figure. However, to date, only 3.6 million tons of import quota have been approved for rice imports.
Detailed q2/2024 rice market report available here: rice-market-report-q2-2024-20240720105115319.pdf (vietnambiz.vn)
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