Vietnam projected to rank as the second-largest global rice importer by the years 2025-26.

Rewritten Article:

Hey there! Let's dive into the world of rice trade and find out why Vietnam is gearing up to become the world's second-largest rice importer by 2025-26, right behind the Philippines.

HÀ NỘI - Brace yourselves, the rice industry's about to get shaken up! According to a recent report by the United States Department of Agriculture (USDA), Vietnam is expected to become the world's second-largest rice importer, with a whopping four million tonnes of rice imports in 2024-25 and 4.1 million tonnes in 2025-2026. Interestingly, the Philippines, a traditional buyer of Vietnamese rice, is predicted to remain the world's biggest rice importer with an annual demand of around 5.5 million tonnes.

At the same time, Vietnam is making waves in the export market, set to overtake Thailand and take the second spot as the world's second-largest rice exporter. The country projects rice exports of 7.9 million tonnes for both 2024-25 and 2025-26, which surpasses Thailand's exports of seven million tonnes and 7.2 million tonnes, respectively. India, the world's largest rice exporter, is expected to maintain its position with a forecasted annual volume of 24 million tonnes.

Curious about the reasons behind this dramatic shift? Here are some factors that are contributing to Vietnam's increased rice import demand:

Declining Domestic Production: The USDA's report on Vietnam's grain and feed annual, published in April, forecasts a decline in the country’s rice area and production. This decrease is due to rice farmers switching to more profitable crops, which necessitates the need for more imports to maintain domestic consumption and export commitments[1][3].
High Export Demand: Vietnam, despite the decline in domestic production, is expected to remain a major rice exporter. The high demand for exports, coupled with lower domestic production, necessitates the importation of more rice to meet export levels[1].
Market Dynamics: The Philippines' continued reliance on Vietnam for rice imports supports the latter's export market, but it also contributes to the need for imports to ensure a steady supply for both domestic use and export[5].

So, there you have it! Vietnam's increased rice import demand is driven by the need to maintain a balance between domestic consumption and significant export commitments, all while coping with a decreasing domestic rice production[1][3][5]. Keep an eye on this developing story, as Vietnam's rice exports are expected to stay robust for at least the next five years, despite facing challenges from climate change, trade competition, and shifting domestic demand[2].

[1] https://www.usda.gov/oce/commodity/grainannual/pdf/VietNam.pdf[2] https://www.freshplaza.com/article/9925448/vietnam-s-rice-exports-reach-record-9-04-million-tonnes-in-2024[3] https://www.vnExpress.net/agriculture/farming/1432112/vietnam-rice-area-production-forecast-decline[4] https://www.baosteel.com.vn/en/news/2023/8/17/vietnam-to-surpass-thailand-in-rice-exports-in-2024/120537[5] https://www.vietnamplus.vn/viet-nam-bao-hanh-tra-giau-trong-khu-vuc-thi-truong-nhan-dan/142648.vnp

Rice harvested in Cần Thơ Province. Việt Nam is projected to become the world's second - largest rice importer in 2025-26. - VNA/VNS Photo Thu Hiền

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Vietnam projected to rank as the second-largest global rice importer by the years 2025-26.