Global Rice News

Vietnamese Rice Prices Surge in Global Market

Vietnamese rice prices have seen a significant increase in the global market, with prices rising by US$3 to US$8 per ton. This surge has propelled Vietnam back into the leading position for export rice prices, surpassing Thailand and Pakistan. The Vietnam Food Association reported that Vietnam’s 5% broken rice is now priced at US$585 per ton, which is US$3 higher than Thailand’s equivalent and US$10 higher than Pakistan’s. Additionally, Vietnam’s 25% broken rice and 100% broken rice are priced at US$555 and US$470 per ton respectively.

The Ministry of Agriculture and Rural Development has revealed that Vietnam has generated US$2.08 billion in revenue from rice exports in the first four months of this year alone. This is a remarkable increase of 36.5% in value and 11.7% in volume compared to the same period last year. The country’s rice output is also projected to reach 43 million tons by 2024. With this abundant supply, Vietnam aims to meet domestic demand and export over 8 million tons.

Thriving Rice Industry in Vietnam

Vietnam’s rice industry continues to thrive as its prices surge in the global market. The country’s 5% broken rice, priced at US$585 per ton, has regained its position as the most sought-after rice. This is due to its competitive pricing when compared to Thailand and Pakistan. The Vietnam Food Association expects Vietnam’s rice exports to further increase in the coming months.

Rice Export Statistics in Vietnam

• Vietnam earned US$2.08 billion from exporting 3.23 million tons of rice in the first four months of this year
• Export value increased by 36.5% and volume increased by 11.7% compared to the same period last year

These impressive figures highlight Vietnam’s position as a leading rice exporter globally. The rise in prices indicates the high demand for Vietnamese rice, particularly the 5% broken rice. With such positive growth, the country’s rice industry is expected to make significant contributions to its economy.

Future Outlook and Projections

The Ministry of Agriculture and Rural Development predicts that Vietnam’s rice output will reach 43 million tons by 2024. This increased production will not only ensure sufficient domestic consumption but also cater to the rising demand for Vietnamese rice in the international market. The Ministry aims to export over 8 million tons of rice in the near future, further bolstering Vietnam’s position as a global rice supplier.

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Source: https://thesun.my