Since August 16, Vietnamese rice has maintained the highest price globally, with 5% broken rice reaching $578 per ton, $15 higher than Thai rice and $36 higher than Pakistani rice.
In an update to VTC News on the evening of August 20, Mr. Nguyen Anh Son, Director of the Import-Export Department (Ministry of Industry and Trade), stated that Vietnamese rice is currently the most expensive in the world, surpassing Thai and Pakistani varieties, which previously had higher export prices than Vietnam.
As of August 20, Vietnamese 5% broken rice was trading at $578 per ton, $15 more than Thai of the same grade and $36 more than Pakistani rice. Similarly, Vietnamese 25% broken rice has risen to $541 per ton, which is $27 higher than Thai rice and $23 higher than Pakistani rice.
“Currently, compared to the top exporting countries, Vietnamese rice has the highest price,” Mr. Nguyen Anh Son said.
Previously, information from the Vietnam Food Association (VFA) indicated that on August 16, the price of 100% broken rice from Vietnam was $440 per ton, standard 5% broken rice reached $575 per ton, and 25% broken rice was $539 per ton.
According to the Ministry of Agriculture and Rural Development, the high export prices reflect a remarkable comeback for Vietnamese rice. Just a month ago, the export price of Vietnamese rice was lower than that of Thailand, Pakistan, and Myanmar.
Mr. Nguyen Nhu Cuong, Director of the Department of Crop Production (Ministry of Agriculture and Rural Development), explained that the high price and top global position of Vietnamese rice are driven by market demand. “The supply from some countries is limited, while the quality of Vietnamese rice is increasingly reliable and meets the stringent demands of the market. Additionally, local businesses are effectively negotiating with partners, ensuring a strong price for Vietnamese exports,” Mr. Cuong said.
He also noted that Vietnamese varieties are now rated among the best in the world. For instance, Vietnam has developed a series of short-duration fragrant varieties that can produce 2-3 crops a year with high yield and excellent quality, being aromatic and sticky. These varieties are exclusive to Vietnam and are not available from major producers like India and Thailand. The Mekong Delta in Vietnam produces crops year-round, ensuring both quality and stable, sustainable production.
More importantly, this variety has helped Vietnam establish a new niche in the global market: short-duration fragrant crops with high yield and excellent quality. This is a key factor in increasing the export value of Vietnamese products on the international stage.
“In the past five years, the Ministry of Agriculture and Rural Development, in collaboration with provinces, cities, farmers, and businesses, has completely transformed the quality of our produce. As a result, Vietnamese products command high prices, yet countries continue to buy them,” Mr. Cuong said.
According to customs statistics, in July, Vietnam exported over 751,000 tons, earning nearly $452 million. Compared to the previous month, exports surged by 46.3% in volume and 39.7% in value.
In the first seven months of 2024, the industry exported nearly 5.3 million tons, with an estimated value of $3.34 billion. While the volume of exports increased by only 8.3%, the value rose significantly by 27.7% compared to the same period last year. Notably, the average export price for the first seven months of the year reached $632 per ton, marking an 18.2% increase compared to the same period in 2023.
Regarding the future of the export market, Mr. Cuong noted that demand from traditional buyers, such as the Philippines, Indonesia, Ghana, Malaysia, and Singapore, remains high.
“At the same time, exporters are actively expanding into new markets such as the Middle East, Africa, South America, Japan, and South Korea. With this momentum, Vietnam aims to export around 8 million tons in 2024, generating over $5 billion, similar to 2023,” Mr. Cuong said.
Where’d you buy Rice ?
Yomex is specialized in the wholesale supply of rice to restaurants, other juice shops, supermarkets, grocery stores and importers. Delivery on site, quality assurance.
Yomex supplies wholesale rice in big quantities as customer requirement, at best price, good quality. Yomex is always available 24 hours a day when the customer has ordered it right away.
Are you looking for a reputable place that exports ?
Come to Yomex now to import quality product from Vietnam! Yomex currently sells quality fresh products at competitive prices in Vietnam. Products at Yomex are committed to being absolutely safe for health. With many years of experience in the field of producing and trading clean vegetables and regional specialties. Products sold at Yomex are always of guaranteed quality and origin so you can use them with peace of mind. Contact us now to receive the best advice and support.
Email: contact@yomex.vn
Phone: +84 85 86 87 697 (Whatsapp/Wechat/Line)