Vietnamese rice exports enjoy second quarter boost

By recording high export prices coupled with a consistent increase in orders, Vietnamese rice exports are projected to continue witnessing an upward trajectory during the second quarter against the previous quarter, according to industry insiders.

Despite facing fierce competition, the export price of local rice in the international market remained at a high level throughout the weekend, according to data released by the Vietnam Food Association.

Most notably, the export price of the Vietnamese 5% broken white rice ranged between US$488 and US$492 per tonne.

Meanwhile, the export price of 5% broken rice coming from India, Pakistan, and Thailand stood at US$388, US$443, and US$455 per tonne, respectively.

According to information provided by rice traders, the export price of the Vietnamese rice has fallen in comparison to the previous US$500 per tonne mark recorded recently, due to a general decline in global demand.

Moreover, the Vietnamese rice continues to face tough competition in terms of price as some regional peers such as India, Thailand, and Pakistan offer their products at a cheaper price.

Pham Thai Binh, general director of Trung An High-Tech Agriculture Joint Stock Company, says the current export price is roughly US$30 - 40 per tonne lower compared to that from the first quarter.

Experts believe that there are bright prospects ahead for rice exports in the second quarter of the year thanks to its high quality along with an increasing number of orders placed by foreign importers.

Nguyen Trung Kien, vice president and general secretary of the Vietnam Food Association, says the supply source of ST25 rice which has been recognized as the best rice in the world will see improvements made over the course of the coming year as part of efforts aimed at meeting the huge demand that exists within the international market.