Vietnam may rank third among the world's biggest rice buyers in 2024, despite its rice exports reaching a record high in the year, according to a forecast by the U.S. Department of Agriculture (USDA).

In its September market update report, the USDA projected Vietnam would export around 8.6 million metric tons of rice this year, an increase of 300,000 metric tons from earlier forecasts and setting a new record high.

Last year, Vietnam exported a total of 8.1 million metric tons of rice, said the General Department of Vietnam Customs.

Nonetheless, the country will probably become the world's third-largest rice buyer this year with 2.9 million metric tons of rice imported, or 300,000 metric tons higher than the USDA’s previous projection. 

With this largest-ever amount of rice imports, Vietnam will rank only after the Philippines and Indonesia with 4.7 million and 3.8 million metric tons, respectively, the USDA said.

Vietnam's rise in rice imports is driven by farmers shifting their focus to growing fragrant, high-quality rice for both domestic markets and export.

As a result, the country has been importing more lower-grade rice for use in food processing, animal feed, and other purposes.

Meanwhile, Vietnam's rice exports have been on the rise thanks to increasing demand for rice reserves in major markets, especially Indonesia and the Philippines, it explained.

According to the Vietnamese Ministry of Agriculture and Rural Development, local businesses spent nearly US$1 billion on rice imports in January-September, up 57.3 percent from a year earlier.

India has recently lifted its ban on non-basmati white rice exports, causing the world’s rice supply to bounce back.

As a result, many countries have seen the export prices of their five-percent broken rice fall below $500 per metric ton.

Meanwhile, Vietnam's export price for the same type of rice has remained at $537 per metric ton, significantly higher than the rates offered by Thailand ($497), India ($488), and Pakistan ($481).

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