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Bright spot of Vietnamese rice


Vietnamese rice continues to yield sweet fruit

India's opening of warehouses causes rice prices in the market world plummeted. Meanwhile, in Vietnam, the price of common rice has stabilized after a few days of decline, while the price of fragrant rice, especially ST24 and ST25, continues to increase, currently reaching a record high of 1.300 USD/ton, but businesses still do not have enough rice to export.

Bright spot of Vietnamese rice
Bright spot of Vietnamese rice. (Photo: NH)

According to rice exporting enterprises, the price of ST rice, especially ST25, has increased by 5.000 VND/kg compared to last month and is at a very high level. The current price of raw rice is at 25.000 - 26.000 VND/kg. The reason is that the supply is scarce while the market demand is very high, both domestically and for export.

If at the beginning of this year, the export price of ST25 rice was only about 750 - 800 USD/ton, it has now reached 1.300 USD/ton. This is an unprecedented high price in the export history of the Vietnamese rice industry. Not only export but also domestic consumption is very strong, the price of high-quality rice is about 35.000 VND/kg.

Besides the ST line, Vietnam's high-quality fragrant rice products are also being consumed strongly in the markets of Hong Kong, Singapore, the Philippines, the Middle East and some African countries at good prices.

According to Mr. Pham Thai Binh – Chairman of the Board of Directors of Joint Stock Company Agriculture Trung An high-tech rice, ST rice is currently priced at a very high level, commonly around 1.000 USD/ton. Fragrant rice and high-quality rice are also priced from 600 - 700 USD/ton. These products are still exported well and are not affected by India's "open warehouse" order.

According to Mr. Nguyen Vinh Trong - Director of Viet Hung Company Limited (Tien Giang), when there was information about India's return to the world rice market, the price of Vietnam's popular white rice exports decreased by 5 - 10 USD/ton, the domestic price decreased by 100 - 200 VND/kg. However, the price of fragrant rice such as Jasmine, Dai Thom 8 remained stable due to low supply and high demand from markets such as the Philippines, Hong Kong (China), and Africa.

Not only stable export, according to information from the Trade Office of the Vietnamese Embassy in Japan, following the success of bringing ST25 - the first Vietnamese rice brand to conquer the Japanese market in 2022, a second Vietnamese rice brand, A AN, has officially entered this most demanding market in the world.

Accordingly, right from the beginning of the month October 2024, Tan Long Group has successfully exported 1.000 tons of high-quality JAPONICA rice under the A AN brand to the Japanese market - the most demanding market in the world.

Charge d’Affaires of the Vietnamese Embassy in Japan Nguyen Duc Minh said that Vietnamese rice has begun to receive high appreciation from demanding markets such as the US, Europe, South Korea, and Japan. These markets have increased Vietnam’s rice import volume year by year.

The launch of Vietnam’s second rice brand in Japan shows that Tan Long is constantly striving to improve rice quality. In the coming time, Tan Long strives to not only stop at ST25, Japonica but also many other rice lines under the A AN brand – a Vietnamese domestic brand that will gradually conquer demanding markets such as Japan, Korea, the US, and Europe.

Around 2015, in the rice variety structure of Vietnam, the area planted with IR50404 rice still accounted for a large proportion thanks to its high yield and good resistance to pests and diseases. However, because it was considered a low-quality rice, the price of Vietnamese rice at that time was still one level lower than that of Thai rice. The change occurred when the Ministry of Agriculture and Rural Development recommended that localities increase the area planted with high-quality rice.

ST25 rice is grown in large quantities during the Fall-Winter crop. In addition to the brand and quality story, this year, due to unfavorable weather conditions, the amount of rice harvested was not enough to supply according to the plan, and the price of rice increased continuously. Since the beginning of September, ST rice has suddenly increased sharply in price, especially Ong Cua ST9 rice which increased by 25 VND/kg.

Continue to increase quality, not quantity.

According to data from the Ministry of Agriculture and Rural Development, in just 9 months, Vietnam's rice exports exceeded 7 million tons, up 9% over the same period in 2023; turnover reached nearly 4,4 billion USD, up 23,5% over the same period last year. The average rice export price reached 624 USD/ton, up 13%.

In terms of volume and value, these are both higher than the average of many years and are currently only lower than the record figure of 2023. The amount of rice harvested in Vietnam in the past 9 months is about 33 million tons out of the total estimated output for the whole year of 2024 of 43 million tons.

Mr. Nguyen Nhu Cuong - Director of the Department of Crop Production (Ministry of Agriculture and Rural Development) - said that the world's rice demand remains high, and India's rice exports are concentrated in different segments than Vietnamese rice, so the impact is not great.

“The supply of rice for export is not much, mainly the output of the Autumn-Winter crop and a little of the early Winter-Spring crop. Before India announced the ban on rice exports, Vietnam still produced over 43 million tons of paddy annually and exported over 7 million tons of rice at stable prices.”, Mr. Nguyen Nhu Cuong said.

Mr. Nguyen Nhu Cuong also affirmed that the viewpoint of developing the rice industry in the coming years is to produce according to plan, depending on market demand and ensuring the interests of farmers and businesses in a sustainable value chain, not chasing export quantity to gain achievements.

Vietnam continues to hold a high position in the list of rice exporting countries in the world with an expected output of 2024 million tons in 43,... Notably, Southeast Asia has 4 countries among the world's top 10 rice exporting countries. In this list, Thailand ranks second with 2 million tons, followed by Vietnam, third in the world with 16,5 million tons.

In 2022, 100 tons of Vietnamese rice will be officially sold for the first time in supermarkets and stores in the Japanese market. With the second Vietnamese rice brand entering the Japanese market, it continues to affirm Vietnam's determination to improve the quality of national agricultural products, confidently conquering demanding markets. This is considered an optimistic signal not only for Tan Long Group, but also for the rice export industry in particular and agricultural products in general of Vietnam.



Sources: https://congthuong.vn/diem-sang-gao-viet-351400.html

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