Price of Vietnamese rice sets record, far above Thai rice

The Vietnam Food Association (Vietfood) reported that Vietnam’s 25 percent broken rice was traded at $513 per ton on July 19, while Thailand’s rice of the same kind at $502 per ton.

However, rafter India imposed the export ban, rice prices have been escalating all over the globe, including Vietnam’s rice.

On August 21, Vietnam’s rice price soared to $623 per ton, an increase of $110 per ton compared with the July 19 trading session. In the last month, the prices of Vietnam’s 25 percent broken rice exports only decreased in one trading session, while they increased in all the remaining days.

Similarly, on August 21, Thailand’s 25 percent broken rice also surged to $563 per ton, increasing by $61 per ton over July 19. However, in the last time, the price trend of Thailand’s rice is not clear, with alternate ups and downs.

The price gap between Vietnam’s and Thailand’s 25 percent broken rice has widened.

Standing firmly at $623 per ton, Vietnam has the highest export price for 25 percent broken rice among the top rice exporters, leaving other exporters, including Thailand and Pakistan, far behind. Vietnam’s prices are $60 per ton higher than Thailand and $95 per ton higher than Pakistan.

Meanwhile, before the day the Indian ban was imposed, on July 19, Vietnam’s 25 percent broken rice price was just $11 per ton higher than Thailand’s and $15 per ton higher than Pakistan’s.

According to experts, the prices of 25 percent broken rice increase dramatically because 5 percent broken rice and high-quality rice prices have increased too rapidly, becoming unaffordable to clients, which has prompted importers to import products with lower prices, fitting consumers’ pockets.

At present, Vietnam’s 5 percent broken rice price hovers around $638 per ton, which is also the highest level in the world, and higher by $20 per ton than Thailand’s, and $50 per ton than Pakistan’s.

The General Department of Customs (GDC) reported that Vietnam exported 619,000 tons of rice in July, a slight increase of 0.2 percent over the previous month, raising the total export volume in the first seven months to 4.85 million tons, worth $2.62 billion. As such, Vietnam’s export volume increased by 19.1 percent, while the value by 31.4 percent compared with the same period last year.

ASEAN and China were the two major markets of Vietnam which consumed 2.87 million and 715,000 tons, respectively. The exports to the two markets reached 3.59 million tons, accounting for 74 percent of Vietnam’s total exports.

Tags: Vietnam, Thailand, ban, broken rice, Vietnam Food Association, export, price, prices, rice