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Saturday, July 13, 2024

Rice export: To boost, or not to boost

By Tran Huu Hiep

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Amidst the current landscape, every choice regarding rice export bears weight on the local rice market and the livelihoods of rice farmers. The pivotal question: should Vietnam rev up or scale back rice export in the rest of the year? Following India’s embargo on common white rice exports, both Russia and the United Arab Emirates have also suspended outbound rice shipments. As a result, nations reliant on rice imports have increased their orders, driving up Vietnam’s rice export prices. Thoughtful deliberation During a conference on rice export management held in Can Tho City on August 4, the Ministry of Industry and Trade presented a report. They highlighted that, as of August 1, the average price of Vietnamese 5% broken rice had surged past US$590 per ton. That was the highest price in 11 years, with projections of further ascent. This surge also translated to higher paddy prices within Vietnam, generating excitement among farmers. The General Statistics Office’s figures revealed that by the end of July, Vietnam had exported 4.83 million tons of rice valued at US$2.58 billion. This reflected an 18.7% increase in volume and a 29.6% uptick in value compared to the same period last year. In the face […]
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