In the last week, there was a significant increase in the prices of Vietnamese rice in the global market. The prices rose by US$3 to US$8 per ton, allowing Vietnam to regain its position as the top exporter of rice in terms of prices, as reported by the Vietnam News Agency citing the Vietnam Food Association.
The price of Vietnam’s 5 percent broken rice has now reached US$585 per ton, surpassing Thailand’s equivalent by US$3 and Pakistan’s by US$10. Additionally, Vietnam’s 25 percent broken rice and 100 percent broken rice are priced at US$555 and US$470 per ton, respectively. This surge in prices has led to a substantial increase in revenue from rice exports for Vietnam. In the first four months of this year, earnings from exporting 3.23 million tons of rice amounted to US$2.08 billion, representing a 36.5% increase in value and an 11.7% increase in volume compared to the same period last year, according to the Ministry of Agriculture and Rural Development.
Looking ahead, Vietnam is projected to produce 43 million tons of rice by 2024. This level of production is expected to meet both domestic consumption needs and 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.