In the global market, Vietnamese rice prices have experienced a significant increase of US$3 to US$8 per ton in the past week. This rise in prices has helped Vietnam regain its position as the top exporter of rice in terms of price, as reported by the Vietnam News Agency citing the Vietnam Food Association. Specifically, the price for Vietnam’s 5 per cent broken rice is now at US$585 per ton, surpassing Thailand’s equivalent by US$3 and Pakistan’s by US$10.
Vietnam’s 25 per cent broken rice and 100 per cent broken rice are now priced at US$555 and US$470 per ton, respectively. The country has seen a substantial increase in revenue from rice exports, with earnings of US$2.08 billion in the first four months of this year from exporting 3.23 million tons of rice. This marked a 36.5 per cent increase in value and an 11.7 per cent increase in volume compared to the same period last year, according to the Ministry of Agriculture and Rural Development.
Looking ahead, Vietnam’s rice output is projected to reach 43 million tons by 2024. This level of production is expected to cater to domestic consumption while also meeting the export demand of more than 8 million tons. The Ministry remains optimistic about the country’s ability to sustain and grow its rice industry in the coming years.
