Vietnam’s rice export price down
India’s reopening of rice exports, along with increased self-sufficiency in some countries, has driven down the price of Vietnamese export rice from over US$620 per metric ton to $441 per metric ton, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
Reporting the country’s agro-forestry-fishery production and export last month, Minister Tien stated that the rice output reached 2.5 million metric tons in January, up 24 percent year on year.
According to the Ministry of Agriculture and Rural Development, Vietnam exported approximately 500,000 metric tons of rice last month, earning $308 million. Although the volume increased by one percent, the value fell by 10 percent compared to the same period last year.
The Vietnam Food Association reported that on Wednesday, Vietnam’s five-percent broken rice price continued to drop to $404 per metric ton, the lowest price in the past three years, from the $640 per metric ton in early February 2024.
Vietnamese five-percent broken rice price is currently $30 lower than the price of rice of the same quality from Thailand, $11 lower than India, and $8 lower than Pakistan.
Similarly, Vietnam’s 25-percent broken rice is priced at only $377 per metric ton, while the same rice of Thailand costs $411 per metric ton; India, $396 per metric ton, and Pakistan, $386 per metric ton.
In 2024, Vietnam exported about nine million metric tons of rice, fetching nearly $5.7 billion. Compared to 2023, the rice export volume increased 11 percent, but the value soared 21 percent.
2024 was the year Vietnam set a record for both rice export volume and value.
Vietnam’s average rice export price in January-November last year was $626 per metric ton, a 12-percent rise over the year-ago period.
However, the price has dropped significantly since the end of 2024.
The country’s total agro-forestry-fishery exports hit $5.08 billion, down five percent.
Tien attributed the decline to a drop in agricultural product prices, along with reduced demand from some markets.
Vietnam has promoted its products in many markets, such as the U.S., China, Europe, Japan, South Korea, and the Philippines.
For the Philippines, Vietnam exported over 2.9 million metric tons of rice in 2024. It is working to maintain stable rice export volumes and adjust prices appropriately at different times in Indonesia.
The Ministry of Agriculture and Rural Development has worked with several enterprises to discuss solutions to enter new Halal markets, Tien informed. Halal refers to food and services that are ‘legal’ under Islamic law.
By Thanh Ha & Chi Tue – Tuoi Tre News – February 8, 2025