Vietnamese rice exports break price record

Vietnamese rice exporters are seeing buoyant prospects this year

According to statistics published by the Vietnam Food Association (VFA), the Vietnamese rice fetches is $513-517 per tonne of 5 per cent broken rice, $488-492 per tonne of 25 per cent of broken rice. Jasmine rice costs $513-567 per tonne.

In general, the price of Vietnamese rice is $5-7 per tonne higher than products from Thailand ($508-512 per tonne for 5 per cent-broken rice) and much higher than rice from India and Pakistan.

The price of 5 per cent-broken rice is forecast to remain over $500 per tonne by the end of the winter-spring crop of 2020-2021.

According to the VFA, in the first months of 2021, numerous members of the association won large-scale bids to export rice to Europe and a number of countries participating in the Regional Comprehensive Economic Partnership (RCEP).

Besides, the export turnover to key markets like the Philippines and Africa saw a stable increase, a positive sign for rice exports in the year ahead.

Dao The Anh, vice-president of the Vietnamese Academy of Agricultural Sciences said that in order to maintain the growth momentum, Vietnam should focus on keeping the quality of rice stable, instead of paying attention to developing special rice. Additionally, it is necessary to strengthen co-operation ties between producers and farmers to ensure steady supply.

In late January, a batch of 60 tonnes of jasmine rice was exported to the UK with a price of £15.5 ($21.15) per 10 kilogrammes. A company named Long Dan imported jasmine rice produced by Vinaseed to sell it at its supermarket in the UK.

In addition, at the end of last September, Loc Troi Group exported 126 tonnes of Jasmine 85 to the EU as part of Vietnam’s contract to export 30,000 tonnes of rice to Europe under a tariff exemption from the EU-Vietnam Free Trade Agreement.