Vietnam has reclaimed its position as the top exporter of rice in the global market after an increase in prices of US$3 to US$8 per ton last week. The rise in prices has been attributed to the Vietnam Food Association, which reported the news. Specifically, the price for Vietnam’s 5 per cent broken rice is now at US$585 per ton, surpassing Thailand’s equivalent by US$3 and Pakistan’s by US$10.
Vietnam’s 25 per cent broken rice and 100 per cent broken rice are now priced at US$555 and US$470 per ton, respectively. The country has seen a substantial increase in revenue from rice exports, with earnings of US$2.08 billion in the first four months of this year from exporting 3.23 million tons of rice. This marked a 36.5 per cent increase in value and an 11.7 per cent increase in volume compared to the same period last year, according to the Ministry of Agriculture and Rural Development.
Looking ahead, Vietnam’s rice output is projected to reach 43 million tons by 2024. This level of production is expected to cater to domestic consumption while also meeting the export demand of more than 8 million tons. The Ministry remains optimistic about the country’s ability to sustain and grow its rice industry in the coming years.