Vietnam's rice export prices exceed Thailand's
At the beginning of August, each ton of Vietnam’s white rice (5% broken) was exported 15 USD higher than Thai rice of the same type.
According to the Vietnam Trade Office in Thailand, due to the appreciation of the Thai baht against the US dollar, the country's rice export prices lose a competitive advantage over competitors. The FOB price of Thailand's white rice (5% broken) traded at around USD 460 per ton, USD 90 per ton higher than Indian rice and USD 8 per ton higher than Vietnamese rice of the same type.
From August 8 to date, Vietnam's rice export prices on the world market fluctuate from USD 478-482 per ton, higher than the export prices of Thai rice about USD 15 per ton.
According to the Vietnam Trade Office in Thailand, the Government of this country is considering changing policies in rice export to regain the momentum of competition with rice from other exporting countries such as Vietnam and India. The changed policies will focus on marketing, reducing production costs, researching new rice varieties, etc.
Thailand will focus on three segments, including premium (flavored rice, hom mali rice), popular rice (white rice, rice ...) and special (special rice, sticky rice).
In addition, the Thai Ministry of Commerce will work with the Rice Exporters Association to find new partners to expand the market because the country's rice is still interested by many international partners thanks to its quality. In addition, chief representatives of Thai Trade Agencies in foreign countries are also encouraged to advertise and seek potential markets.
The report of the Agro Processing and Market Development Authority (Ministry of Agriculture and Rural Development) shows that the volume of rice exported in the first 7 months of 2020 reached nearly 3.9 million tons and USD 1.9 billion, down 1.4% in volume but up 10.9% in value over the same period in 2019. The average export rice price in the first 6 months reached USD 487.6 per ton, an increase of 13% over the same period last year.
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