Global Rice News

Vietnam Rice Export Prices Reach Record High Amidst Global Demand

Vietnam’s rice export prices have recently hit a new peak, reaching $663 per ton. This makes it the highest price in the world at present, with global demand continuing to rise. Over the past four weeks, prices have increased by 2%, while prices for Thailand’s rice, a major competitor, have risen by 8% to $625. Likewise, Pakistan’s prices have risen by 9% to $600.

The surge in prices can be attributed to two key factors: growing global demand and the declining supply in Vietnam. Dinh Ngoc Tam, the deputy CEO of rice exporter Co May, explains that India, which usually accounts for 40% of the global rice market, has not yet lifted its non-basmati white rice export ban since July. This, along with concerns of potential trade restrictions and the effects of El Nino weather, has prompted countries to stock up on rice reserves, resulting in the skyrocketing of export prices.

Vietnam is well-equipped to meet both domestic and international rice needs, with up to 90% of its rice varieties being of high quality. Deputy of the Ministry of Agriculture and Rural Development, Phung Duc Tien, states that Vietnam is capable of exporting up to 8 million tons of rice worldwide this year.

During the first 11 months of this year, Vietnam exported 7.75 million tons of rice, amounting to a total value of $4.4 billion. The country has attracted interest from buyers in the Philippines, Indonesia, and China, who are all competing to purchase this valuable commodity.

Vietnam Rice Export Prices Continue to Rise

As global demand for rice surges, Vietnam’s rice export prices have reached an all-time high of $663 per ton, making it the most expensive rice in the world today. This rise in price is reflective of the increasing global demand for rice, while the supply in Vietnam is diminishing, putting further pressure on prices. According to Dinh Ngoc Tam, deputy CEO of rice exporter Co May, the lack of India’s non-basmati white rice exports following a ban since July has contributed to the hike in prices.

Moreover, concerns about potential trade restrictions and the impact of El Nino weather conditions have prompted countries to stockpile rice reserves, leading to a surge in export prices. This trend has not only affected Vietnam but also competitors such as Thailand and Pakistan, whose rice prices have risen by 8% and 9% respectively over the past four weeks.

Guaranteeing Quality and Quantity

Despite the increase in prices, Vietnam assures that it has sufficient high-quality rice to meet both domestic and global needs. Approximately 90% of Vietnam’s rice varieties are classified as high quality. According to Phung Duc Tien, Deputy of the Ministry of Agriculture and Rural Development, Vietnam is capable of exporting up to 8 million tons of rice globally this year.

This year, Vietnam has already exported 7.75 million tons of rice, worth a total of $4.4 billion, representing a 36% increase in value. Countries such as the Philippines, Indonesia, and China are eagerly competing to purchase Vietnam’s rice, highlighting its desirability on the global market.

Rice exporters from Pakistan and other countries can find further information about Vietnam’s rice exports, suppliers, and prices on Has Rice. Similarly, Pakistan rice exporters can access relevant resources via Pakistan Rice.

Source: Vietnam Rice Export Prices Reach Record High Amidst Global Demand