Vietnam, one of the top exporters of rice in the world, has almost reached its rice export target for the marketing year 2011-2012. According to the Vietnam Food Association, the country has imported 81 percent of the target.

From January to August, Vietnam managed to export around 5.5 million tonnes of rice, despite the volatility of the rice market. In the month of September, Vietnam exported around 719, 619 tons of rice, bringing the current amount exported to 5.82 million tons. However, the amount exported in September is less than expected, reports The Vietnam Investment Review. Poor weather and a drop in the number of rice contracts may be responsible, the report adds.

The Southeast Asian nation is well on its way to meet its target of 7.5 million tons this year, and in fact may exceed last year's 7.11 million ton, reports Bloomberg Businessweek.

Despite the instability in the rice market, the demand for Vietnamese rice has been on the rise over the last few months. Vietnamese white rice is priced lower than any other rice variety in the market due to its lower quality. However, farmers have been switching to higher grade white rice to increase demand and get a better price. Transportation costs, on the other hand, still remain relatively high.

Moreover, Thailand's rice pledging policy, in which the government buys rice from farmers to ensure that they obtain a price higher than the market value, has resulted in a drop in its rice exports. Thailand maintains that it will not be selling much rice from its vast stockpile until "the time is right." This has countries looking towardIndia and Vietnam for their rice supply. India too is having trouble exporting rice thanks to delays in its ports and a less-than-ideal harvest.

A poor harvest and an increase in the demand of rice have forced China to buy from Vietnam for the first time in a long while. Judging by the amount the country is exporting, Vietnam may soon become the top exporter of rice.

The revenue brought in so far by the export stands around $2.85 million, reports Xinhua, according to NZ Week. Vietnam is set to export 1.4 million tons more in the last quarter of this year.