Vietnamese rice prices increased sharply when the Philippines banned rice imports from September 1, why?

Vietnam’s benchmark 5% broken rice price rose to $391 per tonne due to the import ban from the Philippines. High demand and reduced supply were the main factors driving up prices.

The price of 5% broken rice from Vietnam skyrocketed to 391 USD/ton, due to the Philippines banning rice imports from September 1 - Photo: QUANG DINH

Updated information on Vietnam's rice prices from the Vietnam Food Association (VFA) on August 7, the price of 5% broken rice in Vietnam increased to 391 USD/ton, an increase of 9 USD compared to the beginning of August.

Vietnam's 5% broken rice is also currently $11 higher than India's ($380/ton), Pakistan's ($369/ton) and Thailand's ($368/ton).

Recently on August 6, the world's largest rice importer and Vietnam's number 1 rice "customer" announced a temporary suspension of rice imports for 60 days, starting September 1.

According to some experts and businesses, the temporary import ban is only a matter of days away, so the Philippines' rice import demand will increase sharply in August. On the other hand, the summer-autumn rice crop is at the end of the season, so supply is limited, thus pushing up the price of Vietnamese rice.

Previously, at the end of July, also due to the demand for rice imports from the Philippines, China and African countries, the price of Vietnamese fragrant rice received a strong increase, at 505 - 510 USD/ton, an increase of 10 - 15 USD/ton.

Entering August, in the context of the world's largest rice importer suspending imports for 2 months, rice exporting enterprises predict that Vietnam's staple rice - fragrant rice - can continue to increase by another 10 - 15 USD/ton.

Rice prices increase sharply, rice exports reach more than 2.8 billion USD in 7 months of 2025

According to data from the Ministry of Agriculture and Environment , the total volume and value of rice exports in the first 7 months of 2025 reached 5.5 million tons and 2.81 billion USD, up 3.1% in volume but down 15.9% in value compared to the same period in 2024.

The average export price of rice in the first 7 months of 2025 is estimated at 514 USD/ton, down 18.4% over the same period in 2024.

The Philippines is Vietnam's largest rice consumer market with a market share of 42.6%. Ghana and Ivory Coast are the next two largest markets with market shares of 11.1% and 10.6%, respectively.

Among the 15 largest export markets, rice export value increased the most in the Bangladesh market with an increase of 188.2 times and decreased the most in the Malaysia market with a decrease of 58.5%.

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Source: https://tuoitre.vn/gia-gao-viet-nam-tang-manh-khi-philippines-cam-nhap-khau-gao-tu-ngay-1-9-vi-sao-20250807210945171.htm