Traders said that Vietnamese fragrant rice was at one point offered for up to 700 USD/ton.

According to the Vietnam Food Association, the highest price of regular rice in the field last week was 7,900 VND/kg, the average price was 7,850 VND/kg, an increase of 64 VND/kg.

However, the price of regular rice at the warehouse decreased by an average of VND333/kg, at VND9,083/kg; the highest price was VND9,500/kg.

Prices of rice products also decreased. Accordingly, 5% broken rice had the highest price of 14,600 VND/kg, the average price was 14,486 VND/kg, down 148 VND/kg.

15% broken rice has the highest price of 14,400 VND/kg, average price is 14,208 VND/kg, down 142 VND/kg.

25% broken rice has the highest price of 14,200 VND/kg, average price is 13,892 VND/kg, down 142 VND/kg.

The price of grade 1 white rice decreased by 258 VND/kg, the average price was 14,667 VND/kg. The biggest decrease was in grade 1 brown rice with 558 VND/kg, the average price was 13,392 VND/kg.

Vietnamese fragrant rice was once offered for sale at a price of up to 700 USD/ton. Illustration photo: congthuong.vn

Recently, the Ministry of Industry and Trade announced the list of traders granted Certificates of eligibility for rice export business until August 17, 2023. Accordingly, there are 210 traders certified as eligible for rice export business.

According to the Ministry of Industry and Trade, in the past 7 months, the country has exported 4.83 million tons of rice; there are about 2.67 million tons left for export in the remaining 5 months of 2023.

Taking advantage of the rising rice prices, localities are implementing many solutions to increase planting of the 2023 Autumn-Winter rice crop.

Hau Giang province has planted 25,405 hectares of autumn-winter rice, most of which is in the tillering stage with over 13,897 hectares. Rice prices recorded in localities have increased by 800 - 1,000 VND/kg compared to the previous crop.

Dong Thap farmers have sown nearly 100,000/120,000 hectares of Autumn-Winter rice (adjusted to increase from the original plan of 116,000 hectares). According to the 2023-2024 Winter-Spring crop plan, localities in the province have registered to sow about 184,000 hectares. For the early Winter-Spring crop, Dong Thap province will choose 3 districts: Thap Muoi, Cao Lanh and Tam Nong to organize production of 60,000 hectares, complete sowing in October 2023 and ensure harvest before Tet to take advantage of good prices.

Regarding exports, last week, Vietnam's fragrant rice was negotiated at around $580-630 per ton. Traders said that at one point, Vietnamese fragrant rice was offered for up to $700 per ton. Meanwhile, Thailand's 5% broken rice was offered at $650-655 per ton and similar Vietnamese rice was offered at $620-630 per ton.

Asian exporters have raised their rice prices by about 20% since India banned exports of non-basmati white rice last month. The moves raise the risk of food inflation for the most vulnerable consumers in Asia and Africa, as supplies shrink as severe weather hits crops and the Russia-Ukraine conflict continues to hamper grain exports.

Before India's rice export restrictions, Thai rice was listed at $545 per tonne and Vietnamese rice at $515-$525 per tonne.

The ban on rice exports by India, which accounts for 40% of the world's rice supply, has reduced the supply of rice on the international market by 10 million tons.

MR. NGOC

*Please visit the Economics section to see related news and articles.