Vietnamese rice more pricey than Thailands

Vietnamese rice has recorded new price peak amidst the complex development of the COVID-19 pandemic and the increasing demand for rice reserves of foreign countries.

Vietnam would enjoy impressive growth in rice export this year. Photo: Vietnamnet

According to the Vietnam Food Association (VFA), the price of Vietnamese rice has reached a new record of US$567 per tonne, surpassing its regional peers such as Thailand, India, and Pakistan.

The association unveiled that that local rice export prices range from US$513 to US$517 per tonne for 5 percent broken rice and from US$488 to US$492 per tonne for 25 percent broken rice.

The prices of other types such as Jasmine fluctuated from US$ 563 to US$567 per tonne. Meanwhile, 100 percent broken rice is being sold at between US$438 and US$442 per tonne.

With regard to the same type of rice, the price of Vietnamese rice is being traded at US$5 to US$7 per tonne higher than that from Thailand, and is far exceeding that of both India and Pakistan.

Statistics by the General Department of Vietnam Customs reveal that in the first two months of this year, Vietnam exported 608,768 tonnes of rice of all types worth US$336.1 million, representing a drop of 34 percent in volume and a rise of 22 percent in value.

The Philippines remained Vietnam’s biggest rice buyer in the reviewed period, making up 48 percent of the country’s total rice export volume and value.

Assoc. Prof. Dr. Dao The Anh, deputy director of the Vietnam Academy of Agriculture Sciences, said Vietnam would enjoy impressive growth in rice export this year, and even outstrip other exporters like Thailand in this regard.

Notably, the EU-Vietnam Free Trade Agreement (EVFTA), which took effect last August, is expected to help the country make further inroads into the European market.

Anh therefore advised Vietnamese enterprises to optimise upon opportunities to dominate this market given regional rivals facing various difficulties.

He also suggested improving product quality and forming close linkages between enterprises and farmers in order to establish stable material areas.