Vietnam sees rice prices grow

Vietnam 5% broken rice is being sold at higher prices than rice from competitors Thailand or India.

Vietnam sees rice prices grow

According to the Vietnam Food Association, for several days, the Vietnam 5% broke rice has been exported at USD493 to USD497 a tonne while Thai rice price dropped slightly to USD463 to USD467 a tonne. A tonne of Vietnamese rice price is USD27 higher than Thai rice, USD15 higher than Indian rice and USD80 higher than Pakistani rice.

Ly Thai Hung, director of Hung Cuc Company, one of the largest rice export companies in the northern region, said the price of Vietnamese rice was higher than Thai rice for the first time in 30 years.

"With such good prices and stable export volume, we may export more rice in 2020 than Thailand and will be the biggest rice exporter for the second time," he said.

As a result, farmers also have much better incomes. On the field, the IR 504 rice is sold at VND5,800 (24 US cents) a kilo, and the price for Jasmine rice is VND6,000. Most of the farmers in the Mekong Delta hae finished the Summer-Autumn crop. An Giang is the last to finish but harvested 5.53 tonnes per hectare over 230,000ha this year. This result is 80-150kg higher compared to last year’s crop.

The farmers will harvest the Autumn-Winter crop in over a month and it is predicted that this will be equally big. According to the Department of Agriculture and Rural Development, the farmers in Can Tho City have grown to Autumn-Winter crop on 68,163ha or 107% of the set goal.

Many farmers have also mechanized to improve productivity and quality. As of now, 95% farmers have rice planting machines.

According to the Ministry of Agriculture and Rural Development, the supply for Summer-Autumn crop is very high and will stay high thanks to the Autumn-Winter crop in over a month.