According to traders, Vietnamese fragrant rice was at one point offered at prices as high as $700 per ton.

According to the Vietnam Food Association, the highest price for ordinary rice at the farm gate last week was 7,900 VND/kg, with an average price of 7,850 VND/kg, an increase of 64 VND/kg.

However, the price of ordinary paddy rice at the warehouse decreased by an average of 333 VND/kg, to 9,083 VND/kg; the highest price was 9,500 VND/kg.

Prices of rice products also decreased. Accordingly, 5% broken rice had the highest price at 14,600 VND/kg, with an average price of 14,486 VND/kg, a decrease of 148 VND/kg.

Rice with 15% broken grains had the highest price at 14,400 VND/kg, with an average price of 14,208 VND/kg, a decrease of 142 VND/kg.

Rice with 25% broken grains had the highest price at 14,200 VND/kg, while the average price was 13,892 VND/kg, a decrease of 142 VND/kg.

The price of milled white rice (grade 1) decreased by 258 VND/kg, with an average price of 14,667 VND/kg. The sharpest decrease was for brown rice (grade 1), at 558 VND/kg, with an average price of 13,392 VND/kg.

At one point, fragrant Vietnamese rice was offered for sale at prices as high as 700 USD/ton. (Illustrative image: congthuong.vn)

Recently, the Ministry of Industry and Trade announced the list of traders granted certificates of eligibility to conduct rice export business as of August 17, 2023. Accordingly, 210 traders have been certified as eligible to conduct rice export business.

According to the Ministry of Industry and Trade, in the past seven months, the country has exported 4.83 million tons of rice; with approximately 2.67 million tons remaining for export in the remaining five months of 2023.

Taking advantage of the rising price of rice, localities are implementing various measures to increase rice planting for the 2023 Autumn-Winter crop.

Hau Giang province has planted 25,405 hectares of autumn-winter rice, with the majority of the rice crop (over 13,897 hectares) currently in the tillering stage. Rice prices, as recorded in various localities, have increased by 800-1,000 VND/kg compared to the previous season.

Farmers in Dong Thap province have sown nearly 100,000 out of 120,000 hectares of autumn-winter rice (an increase from the initial plan of 116,000 hectares). According to the plan for the 2023-2024 winter-spring crop, localities in the province have registered to sow approximately 184,000 hectares. For the early winter-spring crop, Dong Thap province will select three districts – Thap Muoi, Cao Lanh, and Tam Nong – to organize production on 60,000 hectares, completing sowing by October 2023 and ensuring harvest before the Lunar New Year to take advantage of favorable prices.

Regarding exports, over the past week, the price of Vietnamese fragrant rice was negotiated at around 580-630 USD/ton. Traders reported that Vietnamese fragrant rice was at one point offered at prices as high as 700 USD/ton. Meanwhile, Thai 5% broken rice was offered at 650-655 USD/ton, and a similar type of rice to Vietnamese rice was offered at 620-630 USD/ton.

Asian exporters have raised their rice prices by around 20% since India imposed a ban on exports of non-basmati white rice last month. These developments increase the risk of food inflation for the most vulnerable consumer segments in Asia and Africa, amid dwindling supplies as extreme weather impacts crops and the ongoing Russia-Ukraine conflict continues to hinder grain exports.

Before India imposed restrictions on rice exports, Thai rice was priced at $545 per ton and Vietnamese rice at between $515 and $525 per ton.

India's ban on rice exports, from a country that accounts for 40% of the world's rice supply, has reduced the international rice market by 10 million tons.

ANH NGOC

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