TTO - Vietnam's export price of 5% broken rice in the first days of November is still holding at $425-430/ton, about $20/ton higher than that of Thailand, which makes domestic rice prices continue to continue. increase because export enterprises increase purchases.
The price of export rice is higher than Thailand, the price of rice in the Mekong Delta has skyrocketed by 1,000 VND/kg - Photo 1.

Rice prices in the Mekong Delta provinces continued to increase in the early days of November - Photo: CHI QUOC.

According to the Ministry of Agriculture and Rural Development, in the early days of November, the price of 5% broken rice in Vietnam remained at $425 - 430 per ton.

Despite an increase of 5 USD/ton compared to the previous week, the price of 5% broken rice in Thailand is still about 20 USD/ton lower than similar products in Vietnam.

Meanwhile, the price of India's 5% broken rice decreased by 9 USD/ton from last week to 375-384 USD/ton.

The price of Indian rice exports to the lowest in two months due to the fall of the rupee, and demand from Africa dwindled while supply from the new crop increased.

In Vietnam, domestic rice prices are increasing due to tight supply, while exporters increase their rice purchases from farmers to fulfill signed contracts.

Vietnam's currency this year has fallen 8% against the dollar, encouraging exporters to boost sales abroad.

Preliminary shipping data shows that about 15,000 tons of rice will be unloaded at Ho Chi Minh City port in the first ten days of November, and most of the rice will be exported to the Philippines, Papua New Guinea.

Positive signals from exports helped rice prices in the Mekong Delta provinces increase sharply in the last days of October and early November in the context of vibrant demand and scarce supply.

Specifically, in An Giang, IR50404 rice increased from 5,800 VND/kg to 6,400 VND/kg, while OM 5451 rice increased by 400 VND/kg, selling at 6,300 VND/kg.

In Kien Giang, IR50404 rice kept at 6,200 - 6,400 VND/kg, while OM 5451 rice increased by 800 - 900 VND/kg to 7,600 - 7,800 VND/kg. Radio fragrant spiked from 1,000 - 1,100 VND/kg to 7,800 - 8,000 VND/kg.

IR50404 rice in Vinh Long remained at 5,700 VND/kg.

The Ministry of Agriculture and Rural Development said that the volume of rice exported in October this year is estimated at 700,000 tons with a value of 334 million USD, bringing the total volume and value of rice exports in 10 months to 6.07 million tons with $2.94 billion, up 17.2% in book and 7.4% in value over the same period in 2021.

According to the Institute of Policy and Strategy for Agriculture and Rural Development, the Vietnamese rice industry has recently shifted from low-grade rice to high-quality rice.

As a result, rice exports to complex markets recorded strong growth. For example, in the first eight months of this year, rice exports to the US market increased by 84.8%, and the EU market grew by 82.2%.

Commenting on the picture of the rice market at the end of the year, businesses believe that the uptrend will last in the coming time. This is because the high price of Vietnamese rice will last until the end of December.

The reasons are severe weather in many Asian countries, which account for 90% of global rice production, climate change, and severe droughts in the US, Europe, and China, countries with high consumer demand for The largest rice in the world, putting the rice supply in short supply.

Besides, India banned 100% rice exports and levied a 20% white rice tax along with the world food shortage is an opportunity for Vietnam's rice export industry in the last months of the year.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that if there were no weather abnormalities and epidemics, Vietnam would have enough 6.5-6.7 million tons of rice for export and expected turnover. Exports this year reached about 3.2 - 3.3 billion USD.

"It is worth noting that the price of Vietnam's export rice has increased, Vietnamese rice is increasingly accessible to difficult markets, affirming the right direction in the direction of increasing the production of high-quality rice of the agricultural sector career," - Mr. Tien said.

Source: Collector