Vietnam’s Ascendancy in the Global Rice Market
A New Leader in Rice Exports
In an impressive shift in the global agricultural landscape, Vietnam has recently overtaken Thailand to become the world’s second-largest rice exporter as of the first half of 2025. According to reports from Thai PBS, based on data from the Thai Rice Exporters Association, Vietnam exported 4.72 million tons of rice by June, marking a significant increase in its export performance compared to previous years.
Vietnam exported about 5.5 million tons of rice, generating $2.81 billion, in the first seven months of 2025. Photo courtesy of VNA.
Global Competition and Market Dynamics
In the rice export race, India remains the undisputed leader, with 11.68 million tons exported—a stark 36.5% increase year-on-year. Following India, Vietnam’s performance was commendable, with a modest rise of 3.6%, while Thailand’s exports dropped significantly by 27.3% to 3.73 million tons. Other notable competitors like Pakistan and the U.S. also faced declines in their rice export volumes.
Vietnam’s Export Volume vs. Revenue Analysis
Despite Vietnam’s rise in export volume, the revenue narrative tells a different story. In July 2025, Vietnam exported around 750,000 tons of rice, generating $366.1 million. However, over the first seven months, the cumulative volume of 5.5 million tons resulted in a revenue of $2.81 billion—reflecting a 3.1% increase in volume but a concerning 15.9% drop in financial value compared to the previous year.
This decline in value is primarily attributed to plummeting average export prices. The Ministry of Agriculture and Environment reported that average export prices for Vietnamese rice fell to $514 per ton, which is a significant 18.4% decrease from earlier figures.
Key Markets for Vietnamese Rice
The Philippines continues to dominate as Vietnam’s largest market, accounting for an impressive 42.6% of total rice export turnover. However, revenue from this market saw a reduction of 13.5% in the first half of 2025. On a positive note, certain African nations exhibited noteworthy growth in their imports. Notably, rice exports to Ghana surged by 53.5%, while shipments to Côte d’Ivoire increased dramatically by 96.6%.
Among Vietnam’s top trading partners, Bangladesh stood out with a phenomenal 188-fold increase in export value, while Malaysia experienced a steep decline of 58.5%. Such fluctuations in trading figures highlight not only the opportunities but also the challenges within the international rice market.
Competitive Edge of Vietnamese Rice
Despite the rise in volume, the fall in revenue casts a shadow over Vietnam’s export success. According to Do Ha Nam, chairman of the Vietnam Food Association (VFA), the gap between Vietnam and Thailand in the rice export rankings remains narrow. However, Vietnam’s competitiveness is evident in its export performance, particularly in high-demand markets such as the Philippines, parts of Africa, and China.
Nam emphasized that, amid global price declines affecting many exporters, Vietnamese rice has managed to maintain a robust demand. Furthermore, the average price of Vietnamese rice, reported at $517 per ton over the past six months, continues to outperform the average price of $400 per ton observed in other major exporting countries.
Vietnam’s ability to navigate the complexities of the global rice market, characterized by fluctuating demands and prices, speaks volumes about its strategic planning and dedication to maintaining high-quality exports, securing its place as a significant player in this essential agricultural sector.