The latest report from the Ministry of Agriculture and Rural Development shows that in 2024, Vietnam exported about 9.01 million tons of rice, earning nearly 5.8 billion USD. Compared to the same period last year, the volume of exported rice increased by only 10.9% but the value increased sharply by 23.1%.

Accordingly, the rice industry has set a historical record in both output and export value since 1989 (the first year Vietnam exported rice) until now.

Vietnamese rice continues to affirm its quality in the international market with the highest selling price and the most expensive among the major exporting countries in the world.

Statistics show that the average export price of rice in the first 11 months of 2024 reached 626 USD/ton, an increase of 12% over the same period in 2023. However, in the last days of this year, Vietnam's export rice price had unexpected developments.

Data from the Vietnam Food Association (VFA) shows that the export price of 5% broken rice from Vietnam on December 23 fell sharply to 485 USD/ton. This is also the lowest price of Vietnamese rice exports since June 2023.

In addition, Vietnamese rice also lost its position as the highest priced rice among the world's largest exporting countries when it was 16 USD/ton lower than the same type of rice from Thailand.

Currently, the export prices of 25% broken rice and 100% broken rice of our country have also decreased sharply, to 458 USD/ton and 388 USD/ton, respectively.

Meanwhile, in the domestic market, the price of regular rice in the field decreased to 6,921 VND/kg, regular rice in the warehouse was 8,100 VND/kg; 5% broken rice was 12,307 VND/kg, 25% broken rice was 11,733 VND/kg...

According to experts, demand for fragrant rice remains stable, especially from markets such as the Philippines and Africa. However, white rice prices are likely to decline as supply increases and competition from India and Thailand increases.

Analysts forecast that rice imports from Indonesia and the Philippines (two major customers of Vietnamese rice) will decrease as they introduce many support policies to increase domestic production.

Recently, Indonesian President Prabovo Subianto made a remarkable statement about the possibility that the country will not import rice in 2025: “There is encouraging news, our food production has increased. The rice reserves in the warehouse are the largest ever, reaching approximately 2 million tons. It is very possible that in 2025, we will not have to import.”

By the end of December this year, rice reserves in Bulog were about 2 million tons, and rice stocks in the community were more than 6 million tons. Thus, Indonesia had a total of more than 8 million tons of rice stocks.

The above information has caused Vietnamese rice prices to drop sharply in recent days, despite the expected shortage of export supply until March 2025.

Vietnamese rice is the most expensive in the world, but businesses still spend 1.24 billion USD to import it . In the context that Vietnamese rice is the most expensive among the top exporting countries in the world, Vietnamese businesses have spent a lot of money to import this product.