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April 2024

Vietnam’s rice prices fall but remain most expensive in the world

After reaching a peak, Vietnamese rice export prices decreased after news about the World’s Best Rice Award 2023 given to Vietnam. Thai rice prices are on the rise and are about to catch up with Vietnamese rice.

Commenting about the global rice value chain this year, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said rice prices have never been as high and Vietnamese rice products are the most expensive in the world.

Vietnam’s rice output has reached 41.17 million tons, which makes the plan on exporting 43 million tons of rice this year highly feasible. The output is enough for the population, and for storage, husbandry and breeding.

The rice export volume in 2023 is expected to be the highest in many years . As of the end of November, Vietnam had exported 7.75 million tons of rice, earning $4.41 billion, an export value increase of 36.3 percent compared with the same period last year.

Rice is one of the key products helping Vietnam to obtain agricultural product export turnover of $54 billion this year.

Vietnam’s ST25 rice variety for the second time won the best rice title at the 2023 competition. Experts commented that the recognition once again affirmed the quality and value of the Vietnamese rice brand in the world market. 

However, after news about the award was released, Vietnam’s rice export prices decreased. 

The Vietnam Food Association (VFA) reported that Vietnam’s five percent broken rice price jumped to $663 per ton on November 21 and continued to stay at a high level in the next days, which were $78 per ton higher than Thailand’s and $85 per ton higher than Pakistan’s rice.

However, on December 7, Vietnam’s rice prices fell by $5 per ton to $658 per ton. Meanwhile, Thailand’s rice of the same kind increased sharply from $585 per ton on November 21 to $623 per ton on that day.

Currently, Thailand’s rice price is just $35 per ton lower than Vietnam’s.

Agencies have estimated that Vietnam’s rice exports may reach 8 million tons this year and bring export turnover of $4.6 billion, the highest level in Vietnam’s rice production history.

Exporters said because of the supply shortage and high demand in the world market, Vietnam’s rice export prices will stay high in 2023 and next year.

The Indonesian national logistics agency has invited for bids to supply 543,000 tons of rice. The country wants to import white long-grain five percent broken rice; the expected supply sources are Thailand, Vietnam, Myanmar, Pakistan and Cambodia. QR Code

Published Date: December 13, 2023

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