Vietnamese rice remains steadfast amid world market fluctuations

Vietnam exports 6.6 million tonnes of rice, earning nearly 3.4 billion USD as of September 15. (Photo: VNA)

The Vietnam Food Association said that export rice prices are stable, with 5% broken fragrant rice currently offered for sale at around 440 - 465 USD per tonne, and Jasmine rice prices ranging from 496 - 500 USD a tonne.

Meanwhile, in the domestic market, prices generally increased from 90 - 164 VND/kg depending on the type due to scarce supply.

Exporters explained that world rice export prices have decreased due to increasing global supply. Although Vietnamese rice has its own market segment, it is also affected by the general trend, so rice prices in the last months of the year are unlikely to increase sharply again.

However, according to forecasts by the US Department of Agriculture (USDA), the demand for rice in African countries remains high and that is a positive signal for Vietnamese rice, because in addition to the Philippines, Africa is also its traditional market. In recent weeks, African countries have also increased their purchases.

For the Philippine market, the import demand this year is still very large, especially when recent forecasts show that the country's output is decreasing. Philippine consumers still prefer Vietnamese rice and there is no supply source with enough capacity and competitiveness to replace it. Recently, Philippine officials also admitted that from an economic perspective, importing rice is still more beneficial./.

VNA

Source: https://en.vietnamplus.vn/vietnamese-rice-remains-steadfast-amid-world-market-fluctuations-post327423.vnp