Rice market in Vietnam

Earlier Report Observations

The domestic volume of the rice market in Vietnam contracted from 41.2 million tons in 2018 to 36.7 million tons in 2023, despite fluctuations in production. The most significant decrease occurred in 2019, followed by a period of relative stabilization toward the end of the period.

A key factor reducing domestic availability was the steady rise in exports, which was notably supported by the Regional Comprehensive Economic Partnership (RCEP) taking effect in late 2021. The agreement provided Vietnamese rice with tariff preferences and more favorable rules of origin, boosting shipments to member countries. Exports grew from 5.7 million tons in 2021 to 6.6 million tons in 2022 and further to 7.7 million tons in 2023, directly drawing volume away from the local market.

In the post-pandemic period, a recovery in domestic consumption and market-stabilization policies influenced trade flows. By 2024, imports surged to 5.7 million tons, linked to renewed domestic demand and government efforts to ensure supply and price stability, especially during holiday periods, through measures like origin control and expanded distribution networks.

Production rice in Vietnam

In kind, 2017-2020, K t

From 2017 to 2020, Vietnam consistently ranked as the world's fifth-largest producer of rice.

Top producers of rice, 2017-2020

World map of production of rice, 2017-2020

Vietnam's rice production declined for the second consecutive year. In 2020, the country produced 42,765 thousand tons of rice, which represents a 1.7% decrease compared to the previous year. The highest production level was recorded in 2018 at 44,046 thousand tons, marking a 3.0% increase that year.

Annual dynamics of production in Vietnam in kind, 2017-2020, K t

Exports rice from Vietnam

Exports in kind, K t

The export market displayed significant volatility during the observed period. Exports reached their lowest point in 2018 at 2,892 thousand tons, with a sharp decline of 50.3% that year. However, they rebounded strongly in 2019, surging by 89.0%. By 2020, Vietnam exported 5,633 thousand tons of rice, showing a 3.0% increase from 2019. Overall, exports varied by a factor of two between the high in 2017 and the low in 2018.

Annual dynamics of product's exports from Vietnam in kind, 2017-2020, K t

Between 2017 and 2020, the Philippines, China, and Malaysia emerged as the primary markets for Vietnam's rice exports in volume terms. The Philippines accounted for 27.4% of exports, China for 22.4%, and Malaysia for 9.4%. Together, these three countries represented 59.2% of Vietnam's total rice export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Vietnam in kind, 2017-2020

Exports in value, M $ US

Following a two-year decline, Vietnam's rice export value rebounded in 2020. The export volume reached 2,791 million US dollars, reflecting a 14.7% increase compared to 2019. The lowest value was recorded in 2019 at 2,434 million US dollars, with a decline of 7.1% that year. Over the entire period from 2017 to 2020, exports grew by 5.9%, equivalent to an annualized rate of 1.9%.

Annual dynamics of product's exports from Vietnam in value, 2017-2020, M $ US

From 2017 to 2020, the Philippines, China, and Ghana were the main destinations for Vietnam's rice exports in value terms. The Philippines accounted for 25.2% of exports, China for 23.0%, and Ghana for 8.7%. Collectively, these three markets absorbed 57.0% of Vietnam's total rice export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Vietnam in value, 2017-2020

Imports rice to Vietnam

Imports in kind, K t

The import market showed an unstable trend throughout the timeframe. Imports hit their lowest point in 2019 at 52 thousand tons, with a decline of 26.4% recorded in 2018. However, they surged to a peak in 2020, reaching 183 thousand tons—a remarkable 252.2% increase year-over-year. Overall, imports varied by 3.5 times between the low in 2019 and the high in 2020.

Annual dynamics of product's imports to Vietnam in kind, 2017-2020, K t

During the 2017–2020 period, Cambodia, China, and Thailand remained the leading suppliers of rice to Vietnam in volume terms. Cambodia accounted for 35.8% of imports, China for 23.8%, and Thailand for 13.3%. Together, these three countries supplied 72.9% of Vietnam's total rice imports.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Vietnam in kind, 2017-2020

Imports in value, M $ US

Market behavior was characterized by volatility during these years. The lowest import value was recorded in 2019 at 33 million US dollars, with a decline of 28.3% that year. In contrast, imports peaked in 2020, reaching 127 million US dollars—a substantial 281.4% increase year-over-year. The peak-to-trough ratio between 2019 and 2020 was 3.8 times.

Annual dynamics of product's imports to Vietnam in value, 2017-2020, M $ US

Over the 2017–2020 period, Cambodia, China, and Thailand headed the ranking of suppliers to Vietnam in value terms. Cambodia accounted for 35.9% of imports, China for 23.8%, and Thailand for 13.4%. Their combined share reached 73.2% of Vietnam's total rice import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Vietnam in value, 2017-2020