This paper aims to specifically investigate the issue of the value of virtual water. How can Virtual Water Value (VWV) be defined and practically assessed? This will be done by considering two points of view: 1. The global point of view on food production, trade and consumption. 2. The point of view of a decisionmaker in position to decide on food import/export, agricultural policy and natural resources management. The paper focuses on concepts and principles in assessing the value of virtual wa ter, and on some virtues of virtual water.