Hanoi (VNA) - Vietnam exported over 7 million tonnes of rice worth 4.37 billion USD in the first three quarters of 2024, up 9.2% in volume and 23.5% in value compared to the same period last year, the Ministry of Agriculture and Rural Development (MARD) has reported.
The average export price of rice stood at 624 USD per tonne, up 13.1%, the ministry said.
Recently, the Indian government lifted its ban on the export of non-Basmati white rice, ending the suspension that lasted over one year on overseas sales.
According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, with a well-structured ecosystem in the rice value chain closely linked to the market, Vietnam will not be significantly impacted by India's decision.
Vietnamese rice exporters said that India's decision will exert downward pressure on the prices of rice varieties in the market. However, the price of Vietnamese rice is unlikely to fall below 500 USD per tonne due to limited domestic supply.
Recently, Vietnam won a bid to supply nearly 60,000 tonnes of rice to Indonesia in its September rice tender with a winning price of 548 USD per tonne, down 32 USD from the previous price. Despite the price decrease in the bid, demand from key markets such as the Philippines and Malaysia remains high. Businesses said that Vietnamese rice has maintained its competitive position in the global market.
According to Dinh Ngoc Tam, Deputy General Director of Co May Company, the price of ST25 rice is unlikely to decrease and may even increase due to global supply shortages./.
