Nearly two months after the price scandal in Indonesia, Vietnamese rice prices are the highest in the world.

Vietnam's rice export price, which has fallen to the lowest level in the world, has increased again last week - Photo: TH

According to information from the Vietnam Food Association (VFA) , last week, Vietnam's 5% broken rice exports were traded at 575 USD/ton, 14 USD/ton higher than the same type of Thai rice and 34 USD/ton higher than Pakistani rice.

Similarly, Vietnam's 25% broken rice also increased to 539 USD/ton, higher than the same type of rice from Thailand and Pakistan by 27 USD/ton and 22 USD/ton, respectively.

"It can be said that at present, the price of Vietnamese rice is increasing compared to the price of rice from Thailand and Pakistan. Compared to the world's top rice exporting countries, Vietnamese rice exports have the highest price. This is an impressive comeback of Vietnamese rice after the scandal of winning export bids in Indonesia," a leader of VFA commented.

On August 19, speaking with Tuoi Tre Online, the Vice Chairman of a rice factory in Long An said that this August, many customers from the Philippines and China came to Vietnam to negotiate to buy large contracts...

The owner of this rice factory informed: "Because the policy of reducing rice import tax from the current 35% to 15% in the Philippines has come into effect, businesses have increased imports to serve the year-end market. My customers are mainly Chinese, in mid-August, two partners came to order large quantities."

In addition, many businesses said that the demand for rice imports is increasing in most countries because the market will be bustling at the end of the year.

For example, Indonesia recently announced that it could import up to 4.5 million tons of rice instead of 3.6 million tons as announced from the beginning of 2024; or the Philippines forecasted to increase rice imports from 4.2 million tons to 4.5 - 4.7 million tons... which could help Vietnam's rice exports increase in both quantity and price in the coming time.

Currently, traditional customers of Vietnamese rice are the Philippines, Indonesia, China, Ghana, Malaysia, Singapore... In addition, Vietnamese rice has also begun to appear in new markets such as the Middle East, Africa, South America, Korea, Japan...

With the bright colors of Vietnamese rice exports, the Ministry of Agriculture and Rural Development predicts that this year Vietnamese rice will reach the export milestone of about 8 million tons of rice, with turnover exceeding 5 billion USD.

Average export price of Vietnamese rice in 7 months increased by more than 18% over the same period

According to statistics from the General Department of Customs, last July, our country exported more than 751,000 tons of rice, earning nearly 452 million USD. Compared to the previous month, rice exports increased sharply by 46.3% in volume and 39.7% in value.

In the first 7 months of 2024, our country exported nearly 5.3 million tons of rice, with an estimated value of 3.34 billion USD. The export volume increased by only 8.3% but the value increased sharply by 27.7% compared to the same period last year.

In particular, our country's average rice export price in the first 7 months of the year reached 632 USD/ton, an increase of 18.2% over the same period in 2023.

Source: https://tuoitre.vn/gan-hai-thang-sau-lum-xum-gia-tai-indonesia-gia-gao-viet-dang-cao-nhat-the-gioi-20240819104205958.htm