HCMC – Vietnam’s January-October rice exports have already exceeded last year’s total, according to the Ministry of Agriculture and Rural Development.
In the year to October, nearly 7.8 million tons of rice, worth around US$4.86 billion, had been exported, a 10.2% increase in volume and a 23.4% rise in value versus the same period in 2023.
The ministry attributes this robust performance to stable production and favorable market conditions. With two months still remaining, Vietnam is on track to set a new record for rice export in 2024.
The average export price of Vietnamese rice in January-October was US$626.2 per ton, up by 12% year-on-year. On the home front, Mekong Delta prices remained stable last week, although export prices declined slightly in line with global trends.
In An Giang Province, IR-50404 rice is priced at VND6,700-7,100 per kilogram, while OM-18 rice sells for VND8,400-8,500 per kilogram. Retail prices range from VND15,000-16,000 per kilogram for standard varieties, with premium Jasmine rice reaching up to VND22,000 per kilogram.
Last week, Vietnam’s 5% broken rice dropped to US$520-525 per ton, as traders awaited a major tender by Indonesia’s National Logistics Agency (Bulog), which could influence Vietnamese rice prices and market share.
In comparison, India’s 5% broken parboiled rice fell to US$442-449 per ton, its lowest since July, due to a depreciating rupee and higher supply. Meanwhile, Thailand’s 5% broken rice declined to US$485-495 per ton, bolstered by a weaker baht, enhancing its competitiveness in markets like Indonesia.
