By VNA  

Vietnam exported over 7 million tons of rice worth US$4.37 billion in the first three quarters of 2024, up 9.2% in volume and 23.5% in value from a year ago.

The average export price of rice stood at $624 per ton, up 13.1%, according to the Ministry of Agriculture and Rural Development.

Recently, the Indian government lifted its ban on the export of non-Basmati white rice, ending the suspension that lasted over one year on overseas sales.

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, with a well-structured ecosystem in the rice value chain closely linked to the market, Vietnam will not be significantly impacted by India’s decision.

Vietnamese rice exporters said that India’s decision will exert downward pressure on the prices of rice varieties in the market. However, the price of Vietnamese rice is unlikely to fall below $500 per ton due to limited domestic supply.

Recently, Vietnam won a bid to supply nearly 60,000 tons of rice to Indonesia in its September rice tender with a winning price of $548 per ton, down $32 from the previous price. Despite the price decrease in the bid, demand from key markets such as the Philippines and Malaysia remains high. Businesses said that Vietnamese rice has maintained its competitive position in the global market.

According to Dinh Ngoc Tam, deputy general director of exporter Co May, the price of ST25 rice is unlikely to decrease and may even increase due to global supply shortages.

Published Date: October 5, 2024