Vietnam's rice export prices soar

The Vietnam Food Association has just said that Vietnam's export rice prices have risen sharply. Accordingly, the price of Vietnam's 5% broken rice is currently USD453 per ton, an increase of USD25 per ton compared to October. This is the third increase in the price of Vietnamese rice in 2022.

At this price, Vietnam's 5% broken rice is leading the export price of Thailand, Pakistan and India by 5-50 USD per ton.

In 2022, Vietnam's rice exports are forecast to exceed 7 million tons. As of late November, Vietnam's exports reached over 6.67 million tons, equivalent to over USD3.23 billion, with an average price of USD484.9 per ton.

According to Mr. Pham Thai Binh, General Director of Trung An Hi-tech Agriculture Joint Stock Company, this is not the first time Vietnamese rice has been priced higher thanThai rice.

“Vietnamese rice production is developing many new varieties. At the same time, the freshness of Vietnamese rice is higher than that of Thai rice of the same type, so it is increasingly popular with consumers," said Mr. Binh.

The Institute of Policy and Strategy for Agriculture and Rural Development said the Vietnamese rice industry in recent years has been shifting from low-grade rice to high-quality rice.

As a result, rice exports to selective markets recorded strong growth. For example, rice exports to the US market in the first eight months of this year increased by 84.8%, and those to the EU market increased by 82.2%.

Previously, businesses said that the rice price increase would last through the end of this year.