On the world market, the offer price of Vietnam's rice for export went sideways from W6 until W7. In W7, the price of 5% broken rice was offered at USD 468/T, and 25% broken rice remained at USD 448/T. Vietnam's rice exports in the first two months of 2023 increased by 31.7% from 2022 to 928,798T. The announcement of China's reopening is also looking positive for rice exporters in the Chinese market. For the Bangladesh market, the country's rice production is not enough to supply 170M people, and needs to import rice from primary suppliers such as India, Vietnam, and Myanmar. Therefore, Bangladesh has agreed to extend the MOU (memorandum of understanding) on rice trade with Vietnam for another five years. For the Philippines market, Vietnam's largest rice-consuming country, the government in the Philippines decided to maintain the rice import tax at 35%. Maintaining the Philippines' import tax reduction policy will be good news for Vietnam's rice exports as it will ensure the stability of the market.
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