The price of Vietnamese rice rose to the highest level in 2 years

Rice

Vietnam

Published Feb 6, 2023

Tridge summary

In early February, rice prices in the world market fluctuated quite strongly. Accordingly, the export price of Vietnam's rice on February 5 increased by 15 USD/ton compared to the end of last month. Specifically, 5% broken rice traded at $473/ton, 25% broken rice at $453/ton. This is the highest price in the past few years. However, this price is still 20 USD lower than Thai rice and 10 USD/ton lower than Pakistani rice.

Original content

Previously, in December 2022, the export price of Vietnam's 5% broken rice remained at the highest level in the world with about 438 USD/ton; 25% rice at 418 USD/ton (about 20 USD/ton higher than Thai rice of the same type). Mr. Do Ha Nam - Vice Chairman of the Vietnam Food Association - said that usually at the end of the season the rice price is very low, so importers base on that price to negotiate to buy the winter-spring crop. However, this year, we sold at a high price, so the contracts signed for the winter-spring crop in 2023 will have better prices. According to Mr. Nam, the price of rice for export in the first month of 2023 increased due to economic and political uncertainties, the conflict between Russia and Ukraine has not ended, countries have more demand for food reserves. "Currently, many major rice importing countries from Vietnam such as China, the Philippines, Africa ... are actively purchasing rice for reserve. Particularly, the Philippines - Vietnam's largest ...

Source: Vietstock