Vietnam's rice export prices hit two-year high. Illustrative photo
The export price of Vietnamese rice on February 5 increased by USD15 per tonne compared to last month, with broken rice prices reaching USD453-473 per tonne, the highest level recorded over the past two years.
However, prices were still lower by USD 20 and USD 10 compared to that of Thai and Pakistani rice, respectively. Last December, Vietnamese broken rice enjoyed the world's highest prices, ranging between USD 418-438 per tonne, about USD 20 higher than Thai rice.
According to Do Ha Nam, vice chairman of the Vietnam Food Association, rice prices are rising in the first months of 2023 due to the prolonged Ukraine War and the world's fluctuating socio-economic situation.
"Some of our big customers including China, the Philippines, and some African countries made larger orders," Nam said. "The Philippines, our biggest importer, have decided to maintain an import tax at 35 percent, which is a positive sign for our exports this year."
Pham Thanh Binh, director of Trung An High-Tech Farming Joint Stock Company said that they have just successfully agreed deals to export about 30,000 tonnes of high-quality rice to South Korea, Malaysia, Singapore, Australia, the US and the EU by the second quarter of this year.
"Our export prices have sharply increased to between USD 600-1,250 per tonne," Binh said.
A representative of Loc Troi Group has announced that they have received orders of over 40,000 tonnes of rice for the European market in 2023. With such good signals at the beginning of this year, Loc Troi Group believed that Vietnamese export firms would continue to receive more orders and would surpass the export revenues of USD3.5 billion made last year.
