According to the Mercantile Exchange of Vietnam, Vietnam's rice export prices have reached the highest level in the past two years.

Specifically, 5% broken rice is exported at a price of USD 468 - 470 USD/ton, while 25% broken rice is at USD 450 - 452/ton. According to experts, these developments are a positive signal for Vietnam's rice exports and Vietnam continues to benefit from the trend of food hoarding by many countries in the context of unstable geopolitics the world still faces many economic difficulties in 2023.

The export price of rice in 2023 is forecast to exceed the record level of 2019 - the year before the COVID-19 pandemic. This is a remarkable statement made by the Mercantile Exchange of Vietnam, which is also a member of the Vietnam Food Association, based on positive signals from the world commodity market.

Mr. Pham Quang Anh - Director of Vietnam Commodity News Center, Mercantile Exchange of Vietnam said: "The import demand of other countries will continue to increase, due to policies to ensure food security and loss of crops. Besides, the good news is that Vietnam's high-quality rice can be exported to difficult markets like Europe, opening up opportunities to increase export value."

According to exporters, in order to take advantage of this opportunity, they will promote high-quality rice production. In addition, in each market, businesses will find strategic partners to distribute high-quality rice products.

The downward trend in output and improvement in quality will continue to be the main trends this year and many years to come of the agricultural industry. This partly explains why the price of Vietnam's rice is always anchored at a high level in recent years. In particular, some famous branded rice such as ST24, ST25 also surged to over USD 1,200/ton.

Kylie Nguyen