Vietnam leads in export rice prices globally

The prices of Vietnamese rice in the international market rose by 3-8 USD per tonne last week, helping Vietnam return to the top position in export rice prices, according to the Vietnam Food Association (VFA).

According to the association, the rice price of 5 per cent broken rice in Vietnam, at 585 USD per tonne, is higher than the same type of Thailand by 3 USD per tonne, and 10 USD per tonne higher than the same product from Pakistan.

Vietnam leads in export rice prices globally
Harvesting rice in Chau Thanh district, Tra Vinh province. (Photo: VNA)

Nguyen Anh Son - Director General of the Import-Export Department, Ministry of Industry and Trade - said that in 2023, rice exports will set a record in terms of output and productivity, when reaching the finish line with a full-year export turnover of 4.78 billion USD.

This figure increased by 36.6 per cent compared to the previous year, the highest export level in many years for Vietnam's rice industry.

Sharing at the conference, Mr. Son acknowledged that in 2024, although the world situation will still face many difficulties, rice exports have had optimistic signals right from the first months of the year.

Rice export turnover in January reached 362 million USD, up 7 per cent over the same period last year. Besides, according to many forecasts, rice prices will increase in 2024 due to tight supply.

The rice market is expected to continue to tighten at the beginning of the year due to ongoing export restrictions in India.

Many delegates also assessed the onset of El Niño and the potential impact of this weather phenomenon on key rice-growing areas as adding to supply concerns.

As such, this is a great opportunity

For 25 per cent broken rice, Vietnamese product is priced at 555 USD per tonne, 23 USD higher than that of Thailand, and 13 USD higher than that of Pakistan.

Meanwhile, Vietnam’s 100 per cent broken rice price stays stable at 470 USD per tonne, but is also higher than that of Thailand and Pakistan by 21 USD and 25 USD per tonne, respectively.

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(Source: VNA)