Thai rice prices have risen due to overcapacity in Vietnam, forcing suppliers to operate at their maximum capacity. Consequently, many Vietnamese rice suppliers cannot accommodate new orders for immediate shipment, leading to a significant surge in demand for rice from various Asian countries, particularly the Philippines. The anticipation of a potential rice tender in the region also contributes to the sudden price hikes. In early Dec-23, rice prices were around USD 570 to 580/ton, now rising to USD 650 to 660/ton.