Vietnam exported over 9 million tons of rice in 2024, earning roughly $5.7 billion in revenue. The rice export volume increased by 11 percent compared with the year before, but export value increased by 21.2 percent.

Vietnam's rice sector set records both in terms of volume and value, which helped it maintain its position as the world's third-largest rice exporter, after India (17 million tons) and Thailand (9.3 million tons).

Vietnam is one of the ‘cradles’ of wet rice civilization. From the high mountains in the Northwest to fertile plains, Vietnamese can cultivate rice everywhere, producing white, fragrant, and nutrient-rich rice grains.

From a country with past food shortages, in 1989, Vietnam for the first time exported 1.4 million tons of rice, earning $322 million. In the following year, the rice sector marked a historic milestone with export revenue exceeding $1 billion and export volume of 4.6 million tons.  And Vietnam officially became one of the world's major rice exporters.

Since 2000, rice export revenues have consistently increased, exceeding $2 billion, $3 billion and $4 billion thresholds, and then reaching the $5.7 billion peak in 2024. With the result, rice has become the sector with fourth highest revenue in agriculture.

Moreover, after years of being positioned as low-cost rice, Vietnam’s rice has improved its quality, becoming the country that exports the most expensive rice with high quality.

In a recent global rice price surge, Vietnam's average rice export price soared to $663 per ton, $100 more per ton higher than other countries.

Vietnam's average rice prices in 2024 were very high in some markets. In Brunei, for example, it was priced at $959 per ton. The figures were $868 in the US, $857 in the Netherlands, $847 in Ukraine, $836 in Iraq, and $831 in Turkey. Meanwhile, some companies exported high-end rice to Germany at $1,800 per ton and to Japan at $1,200 per ton.

Vietnamese rice has "changed its fate" thanks to improved rice varieties that not only offer high yields and short growth cycles (90-105 days) but also superior quality compared to competitors.

Many farmers in Cambodia have switched from cultivating local rice varieties to Vietnam's specialty fragrant rice varieties like OM 5451, ST, and Dai Thom 8 because of better profits. Thai farmers are also racing to cultivate these varieties.

Vietnamese rice is no longer just sold to poorer countries, but is gradually entering premium markets like Japan, South Korea, the US, and Europe. Rice bags labeled "Vietnam Rice" proudly sit on the shelves of major global supermarket chains.

Vietnamese rice has been listed among the world's best-tasting rice, featured in dignitaries' menus, and chosen by renowned chefs. In 2019 and 2023, Vietnam's ST25 rice variety surpassed competitors from 10 major rice-growing countries to be named the "World's Best Rice."

Producing high-quality goods

In early 2025, in a meeting with the press, Minister of Agriculture and Rural Development Le Minh Hoan turned on the song "Rock Hat gao," with its vibrant and modern rhythm which shows a new view about rice cultivation.

With market fluctuations and changed consumption trends, Vietnam now needs a fresh outlook about rice. It grows rice not just to sell, but also for its multiple values. 

The "sustainable development of 1 million hectares of high-quality, low-emission rice in association with green growth in Mekong Delta by 2030" project aims at high-quality production. It is also the starting point for a new production revolution, which shows that Vietnam can produce high-quality, transparent, and responsible rice cultivation.

Moreover, this allows farmers to reduce emissions and sell carbon credits.

In the second half of 2024, MARD and the Transformational Carbon Finance Fund held numerous meetings to discuss the methods for piloting payments for greenhouse gas emission reductions that supports the development of 1 million hectares of high-quality rice.

The fund has approved the total cost of $33.3 million, which could increase to $40 million. The money will be used to pay farmers who grow low-emission rice.

Aside from carbon credits, this project also offers substantial benefits to Vietnamese agriculture. Straw can be turned into pellets and fertilizers for future crops, allowing farmers to save on input costs while increasing selling prices. Vietnam can confidently present the "green rice" brand to global markets.

Tam An