Vietnamese rice prices have surged, overtaking those of Thailand and Pakistan, as confirmed by the Vietnam Food Association (VFA).
Currently, 5% broken rice from Vietnam commands $575 per tonne, surpassing Thailand’s equivalent by $14 per tonne and Pakistan’s by $34 per tonne. Similarly, 25% broken rice from Vietnam is priced at $539 per tonne, outpacing Thailand’s by $27 per tonne and Pakistan’s by $22 per tonne.
This dramatic rise places Vietnamese rice at the pinnacle of global export prices, a remarkable turnaround from the previous month when it lagged behind competitors like Thailand, Pakistan, and Myanmar.
The unexpected spike stems from heightened demand from Vietnam’s traditional import partners. Nguyễn Văn Đôn, Director of Việt Hưng in Tiền Giang, reported a 30% increase in rice shipments to the Philippines within the last half-month. This surge aligns with the annual trend where countries accelerate rice imports towards year-end.
Notably, the Philippines, a major buyer, has revised its import target upwards from 4.2 million to between 4.5 and 4.7 million tonnes. Concurrently, Indonesia anticipates importing up to 4.3 million tonnes, a significant increase from the 3.6 million tonnes initially forecasted, driven by a 9.5% drop in domestic production.
Nguyễn Việt Anh, General Director of Phương Đông Food, attributed the steady market demand to seasonal factors. A constrained supply, coupled with countries rushing to secure stocks ahead of the anticipated drought season, has fueled the price hike.
Projections suggest that Vietnam’s rice exports will maintain this momentum, with prices potentially continuing their upward trajectory unless India lifts its export ban, aimed at ensuring domestic food security.
Demand from key Vietnamese rice importers—such as the Philippines, Indonesia, Ghana, Malaysia, and Singapore—remains robust. At the same time, Vietnamese exporters are making strategic inroads into new territories, including the Middle East, Africa, South America, Japan, and South Korea, as highlighted by Nguyễn Ngọc Nam, Chairman of the Vietnam Food Association.
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