According to the Vietnam Food Association, the price of Vietnamese export rice has experienced an upward trajectory in recent times, with the export price of 5% broken rice in August hitting a record high, even outstripping that of Thailand.
Most notably, over the past three decades, this marks the first time that the country has surpassed Thailand in rice exports, with each tonne of 5% broken rice being priced US$20 higher than the Thai product in the world market.
Earlier this year, Thailand’s 5% broken rice was being sold at between US$50 and US$60 per tonne higher than that the Vietnamese product.
Despite this, Vietnamese 5% broken rice by mid-August was being traded at between US$493 and US$ 497 per tonne, while the price of the same item from Thailand hovered between US$473 and US$477 per tonne.
Elsewhere, export rice prices from Pakistan and India were at US$427 and US$382 per tonne, respectively.
Aside from 5% broken rice, several Vietnamese rice varieties have also witnessed strong export prices, with DT8 and 5451 rice being traded at US$570 and US$550 per tonne, respectively.
According to local rice exporters, this increase in rice export price can be attributed to improvements made in the overall quality of Vietnamese rice.
Boasting market advantages, coupled with the global rising demand for rice due to the COVID-19 pandemic, there appear to be bright prospects ahead for local export businesses to increase their rice export volume and price moving forward.
In addition, the entry into force of the EU-Vietnam Free Trade Agreement (EVFTA) on August 1 has also served to help some major businesses increase their export price of some rice varieties in a number of demanding markets.
A notable example can be seen in the Trung An High-Tech Agriculture Joint Stock Company in Can Tho city which has signed a contract to ship 3,000 tonne of rice, including ST20 and jasmine rice, to three German clients.
Furthermore, the export price of ST20 rice and jasmine rice to the EU stands at over US$1,000 and US$600 per tonne, respectively, compared to the prices of US$800 and US$520 per tonne before the trade deal came into force.
According to experts, tax reductions due to the EVFTA and the bustling rice market has ultimately pushed up the rice export price in the world market.
- Vietnam's rice export prices at two-year high
- Surpassing Thailand, Vietnam becomes No 2 rice exporter in the world
- Rice exporters urged to promote brand through safe production
- Local rice exporters seek ways to enter EU
- Cement exports rake in US$732 million over seven-month period
- Vietnamese rice prices among highest in the world: association
- Golden time to promote Vietnamese rice brand
- Cambodia predicted to export 800,000 tonnes of rice in 2020
- Rice industry ups production to take advantage of export opportunities
- Exports contract 10.21% in July; trade deficit narrows to $4.83 bn
- Vietnamese rice more pricey than Thai rice
- Trade surplus reaches record high of US$8.23 billion over seven months
- Agricultural products seek to sustain export growth amid COVID-19 fears
- National exports poised to grow 5% annually over five-year period
- Gansu sees double-digit growth in foreign trade in July
- Import-export expected to drive credit growth
- Exports dip 9.71% after gap of eight months
- Farm exports rise 23% to ₹25,553 cr. in March-June
- Seafood exports increase after EVFTA comes into effect
- Cashew processors face hurdles as export prices plunge
Rice exports enjoy vigorous growth during eight-month period have 527 words, post on vov.vn at September 3, 2020. This is cached page on Talk Vietnam. If you want remove this page, please contact us.