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Vietnam’s export rice prices reach record high

Vietnam’s export rice prices reach record high

Tuesday, October 24, 2023, 16:02 GMT+7
Vietnam’s export rice prices reach record high
Vietnamese rice exporters said export prices have reached a record high in recent years. Photo: Buu Dau / Tuoi Tre

As the rice harvest season in Vietnam is nearing the end, the country’s rice stock for export is depleted while local rice exporters have received a soaring number of orders from Indonesia and other countries.

Pham Thai Binh, board chairman at Trung An Hi-tech JSC, located in southern Can Tho City, said his company sold five-percent broken rice for US$670-680 per metric ton and 25-percent broken rice for around $655 per metric ton, the highest levels to date.

However, rice exporters that secured insufficient amounts of rice did not sign new contracts to ship their rice overseas, as the rice harvest season in the Mekong Delta region, which is considered Vietnam's 'rice bowl,' is approaching the end and the remaining rice volume earmarked for export is low.

Truong Manh Linh, managing director for rice business at Tan Long Group, a major Vietnamese agriculture company, said Tan Long offered five-percent broken rice at $625-630 per metric ton and 25-percent broken rice at $615-620 per metric ton to foreign buyers.

Tan Long has 80,000-100,000 metric tons of rice left to supply these business partners for the rest of the year.

The company is in no rush to make large rice trade deals as rice export prices are forecast to soar further till the end of the year, Linh said.

He added that Vietnam has continued to enjoy favorable conditions in exporting rice, as India’s rice export ban remains in place, the Philippines has run out of rice, and African countries have increased rice imports.

The Tan Long leader stressed that the prices of Vietnamese rice for export would possibly keep an upward trend in the coming months.

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Hong Ngan - Buu Dau / Tuoi Tre News


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