Vietnam to proactively reduce rice exports from 2026

Vietnam to proactively reduce rice exports from 2026 (Photo: baochinhphu.vn)

Explaining this, Nam said that 2026 presents numerous difficulties and challenges, and the global supply glut significantly impacts all exporters, including Vietnam.

This is not solely due to market conditions but is part of a strategic shift for the rice industry, according to Decision 583 issued by the Prime Minister in May 2023. Along with this reduction, the country will focus on improving quality and increasing value, aiming for higher-end segments, he said.

However, Nam acknowledged that 2026 presents several challenges. In January, Vietnam exported about 250,000 tons to the Philippines, but prices did not fluctuate significantly due to high carryover stocks from 2025. Additionally, the Philippines' import quota system has made it difficult for Vietnam to export, especially during peak harvest periods.

Therefore, to resolve the rice pricing issue for farmers during the upcoming winter-spring harvest, the government and relevant ministries should create favorable conditions for businesses to temporarily store rice during harvest season. Additionally, promoting government-to-government contracts with countries like Ghana and Singapore will be beneficial, Nam suggested.

In 2024, Vietnam’s rice exports reached a record 9.2 million tons, generating 5.8 billion USD in revenue. The figures reduced to 8 million tons and 4.1 billion USD last year.

Source: VNA