Vietnam cuts rice prices to increase competitiveness
During this time, Indian rice prices only dropped by USD15 to USD383-387 per tonne. Thai rice prices dropped by USD90 to 480-484 to USD390-394 per tonne.
Several export firms in the Mekong Delta said the price dropped to make Vietnam rice more competitive. It is hoped that the rice export industry will pick up again.
From early 2021 to mid-July, Vietnam exported over 3.3 million tonnes of rice for USD1.8trn, a drop of 10.31% in the volume and 0.15% in revenue compared to the same period last year.
However, in the first half of July, when the rice prices were lowered sharply, Vietnam exported 297,897 tonnes for USD156m, an increase of 59.34% on volume and 72.71% on revenue compared to the same period last year.
