Vietnamese rice prices increased again

At the end of October, India – the world’s largest rice exporter – lifted the export ban, causing rice prices on the international market to plummet. According to data from the Vietnam Food Association, each ton of 5% broken rice from Pakistan and Thailand costs 457-490 USD, down 5-10% compared to before the ban was lifted.

Contrary to the general trend, each ton of Vietnamese rice, after slightly decreasing to nearly 500 USD, has increased again since November 21 and reached 522 USD. This helps Vietnamese goods maintain an expensive position in the group of largest rice exporting countries in the world.

According to statistics from the Ministry of Agriculture and Rural Development, in the first 10 months of the year, Vietnam exported about 7.8 million tons of rice, earning 4.9 billion USD, an increase of more than 23% over the same period last year. The average price of rice reached 626.2 USD per ton, an increase of 12%.

The Philippines is still the country that buys the most Vietnamese rice, over 45% of total exports, followed by Indonesia 14.4% and Malaysia 8.5%. The fact that Indonesia continues to buy some specialized types of rice from Vietnam helps the export market not be affected.

In the domestic market, rice prices also increased again thanks to limited supply. A survey in the Mekong Delta showed that the price of rice at warehouses was 500 VND per kg more expensive than last week, up to more than 9,200 VND per kg.

Mr. Huynh, a farmer in An Giang, shared that in the past few days, traders reported an increase in rice purchasing price of 200-300 VND per kg. However, low inventory caused him to hold back enough to use, waiting for the upcoming harvest.

According to a rice purchasing business in Dong Thap, the current fall-winter rice supply is limited because it is the end of the season. In early October, the business purchased 1,000-1,500 tons every day, currently about 300-500 tons.

Reduced supply causes Vietnam’s rice export prices to continue to increase. In addition, Vietnamese products are mainly fragrant and sticky rice in the middle and high-end segments, competing superiorly with other countries.

Domestic farming trends have also changed significantly, as farmers gradually switch to high-quality rice varieties for export. Thanks to this transformation, Vietnamese goods are asserting a solid position in the international market, according to the Vietnam Food Association.

On the contrary, Vietnam also increased rice imports, reaching 3.2 million tons of rice in the first 10 months of the year, equivalent to 1.2 billion USD. This level increased by nearly 73% over the same period last year, making Vietnam the third largest rice importer in the world, after the Philippines and Indonesia.

The Department of Crop Production (Ministry of Agriculture and Rural Development) forecasts that this year’s rice output will reach about 43 million tons, enough for domestic demand and export of over 8 million tons of rice.

Export turnover is expected to exceed 5 billion USD, the highest ever. This shows that Vietnamese rice maintains its position in quality and increases its reputation in the international market.