High demand from the international market has caused the price of Vietnamese rice to continue to increase sharply to a new peak of 663 USD per ton, the highest level in the world today.
Data from the Vietnam Food Association shows that last week, rice export prices continued to increase sharply. At the end of the session on December 4, Vietnam's 5% broken rice export price increased from 650 USD to 663 USD per ton. This is the highest level ever (excluding 2008, when the export price of 5% broken rice reached 1,000 USD per ton, but at that time the Government stopped exporting so almost no traders could sell at this price).
Similarly, Thai rice also jumped from under $600 to $625 a ton, up 8% from the previous month. As for Pakistani rice, which used to be around $500-550 a ton, it is now close to $600.
Rice stall at Ba Chieu market, Binh Thanh (HCMC). Photo: Linh Dan
A trader in Can Tho said that Vietnamese rice prices are climbing to the highest level in the world due to increased purchasing power in the international market. Meanwhile, the supply of rice from Vietnam is no longer as abundant as in the first months of the year.
Sharing the same view, Mr. Dinh Ngoc Tam, Deputy General Director of Co May Company Limited, said that since July, the source of supply accounting for 40% of the world market share, India, has not made any moves to open its market, causing the amount of rice to not be enough to meet demand.
Recently, an organization under the research and consulting company Fitch Solutions commented that trade restrictions and risks from the early appearance of El Nino, which partly affected crops, caused importing countries to increase rice reserves, further pushing up export prices.
In addition, Vietnam's autumn-winter crop has low output, so supply has decreased sharply while demand has increased.
Currently, the domestic milled rice price continues to increase by 100-200 VND compared to last week, up to 16,200 VND per kg, retail rice is around 17,000-28,000 VND per kg - the highest level ever.
According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, Vietnam has 85-90% of high-yield, high-quality rice varieties, helping to meet domestic consumption and export demand. With an output of over 43 million tons of rice, in addition to domestic consumption, processing, and storage, Vietnam can ensure the export of 7.5-8 million tons of rice.
The latest statistics from the Ministry of Agriculture and Rural Development show that in the first 11 months of the year, Vietnam's rice exports reached a record figure with a value of 4.4 billion USD, an increase of 36.3%; in terms of volume, it reached 7.75 million tons.
Currently, Vietnamese rice is being bought in large quantities by many countries such as the Philippines, Indonesia, China, Ghana... because of its increasingly improved quality and abundant supply. On November 30, Vietnamese rice was also honored as the best in the world by The Rice Trader (USA).
Recently, Deputy Prime Minister Tran Luu Quang signed a Decision approving the Project "Sustainable development of 1 million hectares of high-quality and low-emission rice cultivation associated with green growth in the Mekong Delta by 2030". The project is being implemented in 12 provinces in the West in 2 phases.
In the coming time, the association forecasts that the selling price of Vietnamese rice will increase slightly due to the continued limited domestic supply, while the world supply is decreasing due to weather effects.
Thi Ha
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