Vietnamese rice prices have significantly dropped since the start of the year, with 5% broken rice now trading at 574 USD/ton, making it cheaper than Thai and Indian rice. This decrease has also impacted domestic prices, which have fallen from 9,000 VND/kg to 7,300-7,800 VND/kg since mid-January 2024. Despite this, the current price remains higher than the Winter-Spring crop in 2023 and previous crops. The price drop is due to businesses and importers slowing down purchases in anticipation of further price decreases.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
From the beginning of the year until now, the price of Vietnamese rice has decreased to about 90 USD/ton, much lower than that of Thai and Indian rice. Vietnamese rice prices continuously decreased sharply. Currently, Vietnam's 5% broken rice is trading at 574 USD/ton, lower than Thai rice at 39 USD/ton and 13 USD/ton from India. Meanwhile, 25% broken rice traded at about 570 USD/ton, 7 USD/ton lower than Thai rice. In just under 1 month, Vietnam's export rice price has decreased by about 63 USD/ton and down 89 USD compared to the peak of 663 USD/ton in December last year. The plunge in export rice prices has pulled rice prices in the domestic market down since mid-January 2024, from 9,000 VND/kg to 7,300-7,800 VND/kg. Thus, after maintaining at a high level, Vietnamese rice prices continuously decreased and lost their position as the highest price in the world. The decrease in export rice prices has caused domestic rice prices to decrease. According to updates from the ...
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