Domestic rice prices increase slightly, rice exports remain high

Rice prices today, September 21, in the Mekong Delta region increased by 50 VND/kg for raw rice compared to yesterday.

Update from the Department of Agriculture and Rural Development of An Giang province said that today's rice price has not been adjusted compared to yesterday, IR 50404 is priced at 7,300 - 7,500 VND/kg; Dai Thom 8 rice is priced at 8,000 - 8,200 VND/kg, OM 5451 rice is priced at 7,600 - 7,900 VND/kg; OM 18 rice is priced at 7,800 - 8,000 VND/kg; OM 380 fluctuates at 7,600 - 7,800 VND/kg; Japanese rice is at 7,800 - 8,000 VND/kg and Nang Nhen rice (dry) is at 20,000 VND/kg.

Besides, the glutinous rice market has adjusted compared to yesterday. Long An IR 4625 glutinous rice (dry) is 9,700 - 9,900 VND/kg, down 100 VND/kg compared to yesterday. Long An 3-month glutinous rice (dry) is 9,800 - 10,000 VND/kg, unchanged compared to yesterday.

Regarding rice, the price of raw IR 504 Summer-Autumn rice increased by VND50/kg to VND10,650 - VND10,750/kg. Meanwhile, the price of finished IR 504 rice is around VND13,000 - VND13,200/kg.

Rice prices today slightly increased in the domestic market.

For by-products, the price of by-products of all kinds fluctuates between 5,750 - 8,600 VND/kg. Currently, the price of OM 5451 broken rice is at 8,500 - 8,600 VND/kg; the price of dry bran is at 5,750 - 5,850 VND/kg.

At retail markets, rice prices have not been adjusted for individual rice products. Currently, Nang Nhen rice has the highest listed price of VND28,000/kg; Jasmine rice is VND18,000 - 20,000/kg; Nang Hoa rice is VND20,000/kg; regular rice fluctuates around VND15,000 - 16,000/kg; long-grain fragrant rice is VND20,000 - 21,000/kg; Jasmine rice is VND18,000/kg; Taiwanese fragrant rice is VND21,000/kg; common white rice is VND17,000/kg; regular Soc rice is VND18,000 - 18,500/kg; Thai Soc rice is VND21,000/kg; Japanese rice is VND22,000/kg.

In the export market, Vietnam's rice export prices are high. According to the Vietnam Food Association (VFA), 100% broken rice is at $455/ton; 5% standard rice is at $567/ton; and 25% broken rice is at $537/ton.

Preliminary statistics from the General Department of Customs show that as of mid-September this year, our country exported nearly 6.5 million tons of rice of all kinds, earning 4.06 billion USD.

Compared to the same period last year, rice exports only increased slightly by 6.2% in volume but value increased sharply by 21.2% (equivalent to an increase of 710 million USD).

Regarding export markets, the three largest customers of Vietnamese rice were the Philippines, Indonesia and Malaysia as of the end of August.

Specifically, the largest customer, the Philippines, spent nearly 1.72 billion USD to buy 2.81 million tons of rice from Vietnam in the past 8 months. Compared to the same period last year, our country's rice exports to this market increased by 19.6% in volume and 39.8% in value.

Indonesia has continued to increase its purchases of Vietnamese rice since last year. In just the first eight months of 2024, the Southeast Asian country purchased nearly 913,900 tons of rice, equivalent to 557.8 million USD. Vietnamese rice exports to Indonesia increased by 27.3% in volume and 54.4% in value compared to the same period in 2023.

Notably, Vietnam exported nearly 582,900 tons of rice to Malaysia, earning 345.9 million USD. Rice exports to this market increased by 112% in volume and 152.8% in value compared to the same period last year. The increase in rice purchases made Malaysia the third largest rice export market of Vietnam, surpassing China.

The average export price of rice in our country in the first 8 months of this year reached 625 USD/ton, up 14.8% over the same period last year.

Experts and rice exporters say it is difficult to predict rice prices in the last months of the year. However, prices will hardly decrease because there is not much supply left for export. It is known that the Philippines plans to import about 1 million tons of Vietnamese rice.

Recently, the Indonesian National Logistics Agency also announced a tender for September rice with a quantity of up to 450,000 tons - the highest tender ever - 5% broken white rice produced in the 2024 crop year (milled no more than 6 months).

According to Indonesia's requirements, the rice must be sourced from Vietnam, Thailand, Myanmar, Cambodia, Pakistan and will be delivered in October and November.