The Vietnamese government, in its rice export strategy, aims to reduce its exports to 4 million tons annually by 2030, down from 7.1 million tons last year. This step aims to "promote high-quality rice exports, ensure local food security, protect the environment, and adapt to climate change."
Vietnam's revenues are expected to drop to $2.62 billion annually, compared to $3.45 billion in 2022.
In this context, a rice trader in Ho Chi Minh City stated, "The strategy seems more aggressive than necessary, despite the decline in rice cultivation area in Vietnam due to climate change and some farmers shifting to other crops and shrimp farming."
He added that "some rice farmers are converting parts of their fields into fruit orchards. However, the majority still rely on rice cultivation."
Vietnam will diversify its rice export markets to reduce dependence on any one country.
