Vietnam's rice price is the highest in the world; China, Philippines, Indonesia compete to buy

Data from the Vietnam Food Association (Vietfood) shows that after India imposed a ban on the export of regular rice, the prices of Vietnamese and Thai rice increased, setting new records.

Vietnamese rice prices surpass Thailand's, remaining the highest in the world . (Source: Finance Magazine)

In the August 18 session, both 5% broken rice and 25% broken rice from Vietnam surpassed the same type of rice from Thailand, by 10 USD/ton and 57 USD/ton, respectively. Accordingly, the export price of Vietnamese rice is at the highest level in the world.

India, Thailand and Vietnam are the top 3 rice exporting countries in the world.

Regarding rice exports, at the 25th session of the National Assembly Standing Committee on the afternoon of August 15, Minister of Agriculture and Rural Development Le Minh Hoan said that when India and some countries banned rice exports, these countries increased imports of this product from Vietnam.

Many markets such as China, the Philippines, and Indonesia are competing to buy Vietnamese rice with quantities increasing by 40% to several dozen times.

Recently, Loc Troi Group - one of Vietnam's largest rice exporters - won a contract to export rice to Indonesia and Malaysia worth 127 million USD. The exported rice will be delivered to the partner in 2023.

According to statistics from the General Department of Customs, in the first 7 months of this year, the country exported nearly 4.9 million tons of rice, earning 2.62 billion USD, up 20.1% in volume and 31.4% in value over the same period in 2022.

Regarding export markets, the Philippines remains the largest customer of Vietnamese rice as of the end of July 2023. Rice exports to this market reached nearly 1.94 million tons with a turnover of 984.9 million USD, down 2.1% in volume but up 6.5% in value over the same period in 2022.

Source: https://baoquocte.vn/gia-gao-viet-nam-cao-nhat-the-gioi-trung-quoc-philippines-indonesia-tranh-mua-238906.html