Increased import partners, opportunity for exported rice to break records in volume and price

In the context of high prices, traditional partners announced that they will import larger amounts of rice than expected, our country's rice exports may set new records in both volume and price this year.

Vietnamese rice has many varieties that are considered to be of very good quality and are popular with many people (illustrative photo). Photo: Phan Anh

Rice prices continue to rise

According to information from the Vietnam Food Association (VFA), the current price of Vietnamese rice is much higher than that of rice from Thailand and Pakistan.

As of August 19, the price of 5% broken rice in Vietnam is currently at 575 USD/ton, up from 565 USD/ton last week. The price of 25% broken rice also increased to 539 USD/ton, 100% broken rice is at 440 USD/ton. Meanwhile, the price of 5% broken rice in Thailand is 561 USD/ton, 25% broken rice is at 512 USD/ton, 100% broken rice is at 439 USD/ton. 5% broken rice in Pakistan is at 542 USD/ton, 25% broken rice is at 517 USD/ton, 100% broken rice is at 431 USD/ton.

Compared to other countries rice export Among the world's top rice exporters, Vietnamese rice is now the most expensive. Vietnamese traders say low domestic supply and increased deliveries to key markets such as Indonesia and Africa have pushed up prices. This is an impressive comeback for Vietnamese rice, as a month ago, the country's rice export price was much lower than that of Thailand and Pakistan.

According to VFA, the average export price of Vietnamese rice is very high. At one point, the export price of Vietnamese rice to Brunei reached 959 USD/ton, to the US reached 868 USD/ton, to the Netherlands reached 857 USD/ton, to Ukraine reached 847 USD/ton, to Iraq reached 836 USD/ton, to Turkey reached 831 USD/ton... In the domestic market, rice prices have also recovered in recent weeks, helping farmers have a good income.

According to records, in the Mekong Delta region in recent sessions, the purchasing warehouses are quite good, the supply is low, the price is high. In An Cu (Soc Trang), the supply is low, the transaction is stable, the purchasing warehouse is slow, the price is stagnant. In Lap Vo (Dong Thap), the purchasing warehouses are quite good, the price is stagnant and high. In Kien Giang, the price is high, mainly buying rice near the harvest date.

Record-breaking rice export opportunities

Talking to PV Lao Dong, a media representative of a export business Rice said that there are a number of reasons for the increase in the export price of our country's rice. Among them, the reduction of import tax on rice by some traditional markets has helped businesses in these countries boldly increase imports compared to before.

"The end of the year is the time when countries increase rice imports. This year, Vietnam's two largest rice consuming markets, the Philippines and Indonesia, have both announced an increase in rice imports. Meanwhile, in our country, the Summer-Autumn crop is about to end and we are preparing for the Fall-Winter crop. Both of these crops are not the main production crops of the year, so the output is not large, pushing rice prices up," this person said.

Mr. Nguyen Ngoc Nam - Chairman of the Vietnam Food Association assessed that import demand from traditional customers of Vietnamese rice such as the Philippines, Indonesia, Ghana, Malaysia, Singapore... continues to remain high. Along with that, rice exporting enterprises are also actively expanding to new markets such as: Middle East, Africa, South America, Japan, Korea... With the increasing import momentum of partners, Mr. Nam said that Vietnam's rice exports this year could reach about 8 million tons, earning more than 5 billion USD - a new record for the industry.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that since the beginning of the year, rice has been the fifth largest export item in the agricultural sector (after wood and wood products, seafood, vegetables, and coffee); and is also one of the items with a high growth rate.

To promote rice exports in the last months of the year, the Ministry of Agriculture and Rural Development will continue to coordinate with the Ministry of Industry and Trade, provinces and cities to organize conferences to assess the situation of domestic rice production and rice exports, while speeding up the implementation of the 1 million hectare high-quality rice project, focusing on removing obstacles for export enterprises.

According to statistics, in the first 7 months of 2024, Vietnam exported 5.18 million tons of rice with a turnover of 3.27 billion USD, an increase of 25.1% in volume and 5.8% in value over the same period last year.

Source: https://baoquangninh.vn/doi-tac-tang-nhap-co-hoi-de-gao-xuat-khau-pha-ky-luc-ve-luong-va-gia-3314854.html