The prices of Vietnamese export rice have soared to the highest level ever. (Photo: VNA) HCM City (VNA) – The prices of Vietnamese export rice have soared to the highest level ever, according to the Vietnam Food Association (VFA).
Vietnam’s 5% broken rice is traded 653 USD per tonne, up 10 USD per tonne, while the 25% broken rice is sold at a record high of 638 USD per tonne.
They are much higher than those of Thailand and Pakistan. Specifically, 5% broken rice is valued at 560 USD per tonne in Thailand and 563 USD in Pakistan, and 25% broken rice at 520 USD in Thailand and 488 USD in Pakistan.
The VFA said there is ample room for Vietnamese rice exports as demand continues to climb across the globe. The Philippines wants to import additional 1.1 million tonnes of rice, while the demand from Indonesia is 2.3 million tonnes. China’s rice import is expected to surge in the end of the year.
Vietnamese exporters said rice price will continue its upward trend even in the fall-winter and winter-spring harvest seasons as global demand has increased over years while supply has tapered off due to climate change.
Boasting high-quality rice which has won the taste of foreign consumers, Vietnam could sell its rice at 640-650 USD per tonne in the end of 2023, they added.
Domestic rice prices have been on the rise as a result of increasing export demand, with the 5% broken grain sold at 15,343 VND (0.62 USD) per kilogramme, up 3,000 VND, while 25% broken one traded at 14,725 VND per kilogramme, up nearly 3,000 VND from July.
However, many rice traders said this poses a challenge for them since they find it hard to get sufficient volume of the ordered rice. They have been hesitant to sign new rice export contract for fear of loss.
Vietnam is able to export 7.8 million tonnes of rice, and earned 4.2-4.5 billion USD in export revenue in 2023. (Photo: VNA) Statistics from the General Department of Vietnam Customs showed Vietnam gained 4 billion USD from shipping more than 7.1 million tonnes of rice abroad during January - October, up 35% in value and 17% in volume as compared to the same time last year.
The Ministry of Agriculture and Rural Development said Vietnam is able to export 7.8 million tonnes of rice, and earned 4.2-4.5 billion USD in export revenue in 2023./.
