According to the Vietnam Food Association (VFA), during the trading session on October 4, rice prices of some Asian suppliers, Thailand and Pakistan, suddenly decreased sharply.

Vietnam's rice exports in 9 months reached a record high, reaching 3.66 billion USD

Specifically, Thai rice is adjusted to decrease by 3-4 USD/ton for all 3 types: 5%, 25% and 100% broken. After adjustment, this country's 5% broken rice is at 586 USD/ton (down 4 USD/ton), 25% broken rice is at 538 USD/ton (down 3 USD/ton), 100% broken rice is at 461 USD. /ton (down 4 USD/ton).

Pakistan's rice is adjusted to decrease sharply from 5-30 USD/ton. Of which, 5% broken rice decreased sharply by 30 USD/ton, down to 558 USD/ton; 25% broken rice decreased by 20 USD/ton, to 498 USD/ton and 100% broken rice decreased by 5 USD/ton, to 478 USD/ton. Previously, in the trading session on October 3, this country also adjusted a decrease of 10 USD/ton for both 5% and 25% panels. So in just 2 days, Pakistani rice has decreased by up to 40 USD/ton.

Vietnam's rice price alone remains the same at 613-617 USD/ton for 5% broken rice and 598-602 USD/ton for 25% broken rice.

With the current adjustment level, Vietnam's 5% broken rice price continues to be 27 USD/ton higher than Thailand's and 55 USD/ton higher than Pakistani rice of the same type.

Explaining the price adjustment of rice prices in other countries at this time, Mr. Phan Van Co, Marketing Director of Vrice Company said that countries reduce prices to attract customers at the end of the year, and at the same time negotiate for early delivery contracts. 2024. This decrease may also be due to countries fearing that India may reopen rice exports after October 15, thereby taking advantage of the release of inventories.

Also stating his opinion on current rice prices, Mr. Pham Thai Binh, Chairman of the Board of Directors of Trung An High-Tech Agriculture Joint Stock Company, said: World and Vietnamese rice prices have cooled compared to the end of August but will be difficult to reduce. deep because the market demand is very large. In addition, the price of rice in other countries is much lower than Vietnam's partly because Vietnam's rice is currently of high quality. Therefore, from now until the end of the year, Vietnam's rice prices may remain at a high level and not decrease further.

“Recently when Indonesia opened a bid to import 300,000 tons of rice, a Vietnamese enterprise won the bid for 50,000 tons at a price of 650 USD/ton - higher than its competitors. This shows that, although Vietnam's rice prices are higher, they are still accepted by consumers because of quality assurance as well as close geographical transportation conditions" - Mr. Binh analyzed.

Regarding orders in the near future, Mr. Binh said that in October and November 2023, Trung An plans to deliver about 20,000 tons of high quality rice to importers. Because it is high quality rice, the price is still quite stable, in which brown rice alone is being sold at 674 USD/ton, while white rice is about 700 USD/ton.

Similarly, according to Mr. Nguyen Duy Thuan, General Director of Loc Troi, the business has signed export orders until the end of the year. At the same time, it is expected that in October or early November 2023, Loc Troi will organize sales for the whole next year.

According to an update from the Ministry of Agriculture and Rural Development, in September 2023, Vietnam's rice exports reached a value of 490 million USD and brought the total export turnover in 9 months to a record high of 3.66 million USD. billion USD. Export output in 9 months of 2023 reaches 6.6 million tons.

Rice exports achieved this result thanks to making good use of market opportunities in August and September 2023. Specifically, in August, the volume of rice exports was estimated at 950,000 tons with a value of 553 million USD. In September, Vietnam continued to export about 800,000 tons of rice with a value of about 490,000 USD. Vietnam became the world's largest rice supply in these two months.

During the above period, the price of Vietnam's standard 5% broken rice fluctuated between 620 - 645 USD/ton, in addition, lower grade rice of 25% broken also sometimes reached 623 USD/ton.