According to statistics from the General Department of Customs, in 2023, rice export orders to Indonesia exploded, reaching a turnover of 640 million USD, a sharp increase of 992% compared to 2022. Accordingly, Indonesia rose to become the second largest customer of Vietnamese rice, second only to the Philippines.

Recently, the Indonesian National Logistics Agency (Bulog) announced the list of winning bids to import 500,000 tons of rice from this country. Of these, 7 Vietnamese enterprises won 10/17 bid packages.

Vietnam is a country with many businesses participating and winning bids in large numbers. In addition to Vietnam, there are 6 businesses from other countries that also won bids.

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Vietnamese businesses have just won 10 rice contracts in Indonesia (Illustration photo: Hoang Ha)

Rice industry experts believe that with the 500,000 ton contract that Indonesia has just “finalized”, Vietnamese enterprises account for nearly 2/3 of the total. This is a positive signal for preparation and confidence in the Winter-Spring crop that will be harvested after the Lunar New Year and will be a great success.

According to the plan, this year Indonesia will import about 3 million tons of rice, equivalent to the Philippines - the world's largest rice importer and also the largest traditional customer of Vietnamese rice.

The latest report from the Ministry of Agriculture and Rural Development shows that rice exports in January 2024 continued to increase sharply by 59% compared to the same period last year.

According to data from the Vietnam Food Association, the export price of 5% broken rice from Vietnam skyrocketed to a historic peak of 663 USD/ton and remained at this level for a long time. However, in recent days, it has turned around and decreased sharply. By January 26, the price of this item had dropped to 642 USD/ton.

Similarly, our country's 25% broken rice export price also decreased from a peak of 648 USD/ton to 614 USD/ton.

On February 5, the export prices of 5% broken rice and 25% broken rice from Vietnam continued to decrease to 637 USD/ton and 610 USD/ton, respectively.

In the domestic market, rice prices also decreased for the second consecutive week. Accordingly, the average price of regular rice in the field decreased to 9,000 VND/kg, regular rice in the warehouse was at 10,217 VND/kg; grade 1 white rice was priced at 15,625 VND/kg, 5% broken rice was priced at 15,036 VND/kg, 25% broken rice was priced at 14,533 VND/kg...

In the Mekong Delta provinces, rice trading was slow at the beginning of the week, and rice prices tended to decrease. This was because many traders and customers took an early Tet holiday and stopped buying.

Export rice prices are forecast to continue to fluctuate upward in 2024 due to tight supply. The rice market will continue to tighten early in the year due to India’s ongoing export restrictions. Meanwhile, increased import demand from many countries such as Indonesia and the Philippines will have an impact on increasing export rice prices.

Although rice prices are on a downward trend, the Vietnam Food Association believes that rice exports could bring in about 5.3 billion USD in 2024.

The Import-Export Department ( Ministry of Industry and Trade ) has just informed that as of January 22 this year, the whole country has 161 traders granted Certificates of eligibility for rice export business.

Vietnamese rice prices fall far from peak, Thai goods regain world's top spot After a long period of high prices, Vietnamese rice prices suddenly dropped sharply, falling far from peak. Meanwhile, the price of the same type of Thai rice jumped, taking the world's top spot.