Rice exports to Brunei reach nearly 1,000 USD/ton

Vietnam's average rice export price to Brunei reached $959 per ton in the first five months of 2024, according to data from the General Department of Customs.

Besides Brunei, the price rice export to some markets also remained at a fairly high level. Specifically, the average rice export price to the US reached 868 USD/ton, the Netherlands reached 857 USD/ton, Ukraine reached 847 USD/ton, Iraq reached 836 USD/ton, Turkey reached 831 USD/ton...

Vietnam's rice export prices to some markets increase

According to the latest report of Ministry of Industry and Trade, Vietnam exported 650,000 tons of rice with a turnover of 416 million USD in June 2024, up 5.7% over the same period last year. In the first half of 2024, rice exports reached 4.6 million tons with 2.9 billion USD, up 10.4% in volume and 32% in value over the same period in 2023.

With the Philippines cutting rice import tax from the current 35% to 15%, according to businesses, our country's rice exports will accelerate and prices will stabilize at a high level again. Because this potential market, in the first 5 months of this year, consumed 1.83 million tons, accounting for nearly 50% of our country's total rice exports.

Rice exports are likely to remain stable and prices will increase until the end of this year if India does not lift the ban on rice exports to stabilize domestic food security.

Despite many advantages, experts predict that in the second half of the year, rice will face challenges when India lifts its ban on rice exports. In addition, drought and salinity in the Mekong Delta provinces are also difficulties that the rice industry needs solutions to maintain growth.

Many experts say that Vietnam's rice exports have increased sharply since the beginning of the year due to the increase in rice export prices. What has pushed up rice prices is that India has banned rice exports due to difficulties in rice production this year. Currently, India accounts for 40% of global rice production.

Director of the Department of Crop Production - Ministry of Agriculture and Rural Development Nguyen Nhu Cuong said that India's lifting of the rice export ban will have a strong impact on exporting countries, including Vietnam. Accordingly, the price and quantity of Vietnamese rice exports will be affected, so rice exporting enterprises need to proactively find solutions when the Indian market resumes exports. In addition, domestic rice production is also facing salinity intrusion...

For the Ministry of Industry and Trade, since the beginning of 2024, the Ministry of Industry and Trade has coordinated with relevant agencies to actively implement many activities to promote rice trade between Vietnam and its partners. Specifically, bilateral negotiations and exchanges with Indonesia and Malaysia on considering signing a memorandum of understanding on rice trade, creating a stable and sustainable environment for rice trade for businesses of the two countries.

Regarding the Philippine market, the Minister of Industry and Trade and the Minister of Agriculture of the Philippines signed a memorandum of understanding on rice trade cooperation. During the period of 2024-2028, except in cases of natural disasters and crop failures, Vietnam is willing to provide the Philippines with an annual quantity of up to 1.5-2.0 million tons of white rice, and at the same time agreed to implement a number of measures to exchange information, support, and facilitate rice trade activities between the two countries.

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