News

The effect when Vietnamese businesses offer the lowest export rice prices in the world

Published May 28, 2024

Tridge summary

Vietnamese rice businesses are incurring losses and financial strain despite a record-breaking rice export market, with some companies being pushed to sell at low prices due to cash flow pressures. The Indonesian National Logistics Agency (Bulog) announced the lowest bid price for 300 thousand tons of rice was from a Vietnamese enterprise at $564.5/ton, compared to higher bids from Thai, Myanmar, and Pakistani businesses. Loc Troi Group and Thuan Minh Company were the winning Vietnamese bidders with the lowest prices, reflecting the financial challenges faced by the industry.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

As Vietnam Agriculture Newspaper mentioned in a recent article, in the context of record-breaking rice exports, some businesses in the Vietnamese industry are still suffering losses and debt. The above story seems "paradoxical" but is actually not too difficult to understand... Recently, on May 21, the Indonesian National Logistics Agency (Bulog) has just announced the bidding price for 300 thousand tons of grade 5 rice. % of panels of the 2023-2024 crop. In particular, Vietnamese businesses were surprised to have the lowest bid prices compared to participating international businesses. Specifically, among the 11 lots of rice equivalent to 300 thousand tons that Bulog called for bids, the lowest bid price was 564.5 USD/ton from a Vietnamese enterprise. While the highest price of 658.5 USD/ton comes from Thai businesses. The bid prices of Myanmar and Pakistani enterprises are 621.5 USD/ton and 633 USD/ton... As above, for Vietnamese enterprises, the lowest bid price is 564.5 ...
Source: Agriculture
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