This policy applies to both rice within and outside the quota. This decision aims to facilitate rice importers and bring rice prices down to a level affordable for the majority.
This is good news for Vietnamese rice. According to the Vietnamese Trade Office in the Philippines, the Philippines' rice imports from the beginning of 2024 to May 23rd reached nearly 2 million tons, an increase of 20.3% compared to the same period last year. Of this, Vietnamese rice accounted for nearly 73% of the market share. Thailand ranked second with 300,227 tons, followed by Pakistan with 144,834.5 tons, and Myanmar with 65,080 tons.
According to the latest figures from the Ministry of Agriculture and Rural Development , in the first four months of the year, the Philippines was Vietnam's largest rice market, accounting for 45.9% of export market share, reaching 1.49 million tons and a value of 935.6 million USD, an increase of 15.9% in volume and 44.7% in value respectively compared to the same period in 2023.
Loading rice onto ships for export.
According to information from several rice exporting businesses, the Philippine market prefers Vietnamese DT8 and OM5451 rice varieties because they are delicious and reasonably priced.
Also related to rice exports, on June 4th, the Vietnam Food Association (VFA), citing the Oryza White Rice Index, reported that the price of 5% broken rice from Vietnam was only $573 per ton, a decrease of $1 per ton compared to the previous day; while Thai rice increased by $2 to $622 per ton; and Pakistani rice was $587 per ton, a decrease of $6 per ton.
Thus, the price of Vietnamese 5% broken rice is currently the lowest among major exporting countries and is $49/ton lower than Thai rice. Last year, Vietnamese rice consistently held the highest price in the world due to significantly improved quality. At its peak, Vietnamese rice was $90/ton more expensive than Thai rice (November 2023).
The fact that some Vietnamese rice companies won bids to export rice to Indonesia at the lowest prices among the bidders has somewhat affected the price of Vietnamese rice.
Meanwhile, the global rice trade is awaiting information from India, the largest rice exporter. If India reopens its exports, global rice prices could be affected.
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