Rice price today November 5: Domestic stable, export towards 8 million tons

Domestic rice prices remained stable on November 5. Despite the suspension of the Philippine market, demand from Africa and Asia helped Vietnam’s rice exports to remain stable, with the whole year expected to reach 8 million tons.

According to the update on November 5, the rice market in the Mekong Delta region recorded stable prices. Meanwhile, export activities still maintained strong growth momentum, despite difficulties from some major import markets, with the forecast of the whole year's output reaching 8 million tons.

Domestic rice prices are stable, rice exports are steady in the context of many market fluctuations.

Domestic rice price developments

According to data from the Department of Agriculture and Environment, the prices of fresh rice and paddy in the Mekong Delta have not fluctuated much. Specifically:

Fresh rice price

Rice type	Price (VND/kg)
IR 50404	4,800 – 5,000
OM 5451	5,300 – 5,500
OM 18	5,500 – 5,700
Dai Thom 8	5,600 – 5,800
OM 308	5,700 – 5,900
Flower Girl 9	6,000 – 6,200

Price of raw rice and finished products

Rice type	Price (VND/kg)
Raw rice IR 504	7,600 – 7,700
Raw rice OM 380	7,800 – 7,900
Finished rice OM 380	8,800 – 9,000
Finished rice IR 504	9,500 – 9,700

At retail markets, popular rice varieties such as Nang Nhen, Huong Lai, Taiwanese fragrant rice and Jasmine maintain stable prices, ranging from 12,000 to 28,000 VND/kg depending on the type.

Export markets face challenges

In the world market, Vietnam's rice export prices remain high. 5% broken fragrant rice is priced at 415-430 USD/ton, 100% broken rice is priced at 314-317 USD/ton, and Jasmine rice is priced at 478-482 USD/ton, among the highest in the world. However, prices have decreased slightly by 1-5 USD/ton in recent days due to supply exceeding demand.

The biggest challenge now comes from the Philippines, Vietnam’s largest rice importer, after the country ended its 60-day import ban at the end of October but has not announced a new policy. There are reports that the Philippines may extend the import ban by another 15-30 days, or even until the end of the year. The country’s rice stocks are currently only enough for 30 days, which could lead to a shortage from December.

Positive outlook from alternative markets

According to Mr. Nguyen Vinh Trong, Director of Viet Hung Company Limited ( Dong Thap ), although the Philippines has not reopened its import market, the Vietnamese rice market is still supported by stable demand from African countries such as Ghana, Ivory Coast and traditional markets such as Malaysia and China. Mr. Trong commented that domestic supply in the last months of the year is not high, so rice prices are unlikely to decrease further and are expected to increase when the Philippines resumes import activities.

Forecast of export output for the whole year

Mr. Do Ha Nam, Chairman of the Vietnam Food Association (VFA), said that as of mid-October, Vietnam had exported about 7 million tons of rice. With this momentum, the annual output is expected to reach 8 million tons, helping Vietnam surpass Thailand to maintain the second position in the world in rice exports, just behind India. Even during the period when the Philippines temporarily stopped importing, Vietnam still maintained exports of about 500,000 tons per month thanks to the initiative of businesses in searching for and expanding other potential markets.

Source: https://baolamdong.vn/gia-lua-gao-hom-nay-511-noi-dia-on-dinh-xuat-khau-huong-den-8-trieu-tan-400324.html