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Vietnam's rice export prices will remain high in the long term

03/09/2020

It is forecast that Vietnam's rice export price will continue to hold at USD 480-490/ton in the next few weeks.

According to the Vietnam Food Association, Vietnam's rice export prices for the second week kept a record high: USD 480-492/ton.

Traders and the Vietnam Food Association also said that Vietnam's rice export prices will continue to be high for many weeks to come because of the import demand of many countries, especially China when the country is facing heavy floods.

Currently, the Philippines ranks first in Vietnam's rice export market with nearly 37% market share. In addition, a number of rice export markets with the strongest increase in value are Senegal (19.6 times higher, reaching 41,100 tons), Indonesia (2.8 times higher, reaching 45,200 tons) and China (an increase of 88.9%, reaching 457,600 tons).

Rice prices in the domestic market on August 31 also remained at a stable level.

Specifically, the price of NL IR 504 rice fluctuates at VND 8,900-9,000/kg; NL OM 5451 rice was at VND 9,100/kg; OM 18 rice was at VND 9,400/kg; Dai Thom 8 rice was at VND 9,500 /kg; TP IR 504 rice at VND 10,550/kg.

In the market, Vietnamese fresh paddy is being purchased at high prices.

Specifically: OM paddy at the price of VND 6,200 per kg; OM 6976 paddy at the price of VND 6,150 per kg; IR 504paddy at the price of VND 6,100 per kg; Jasmine paddy at the price of VND 6,300 per kg; OM 9577 and OM 9582 paddy at the price of VND 6,100 VND per kg; Dai Thom 8 paddy at the price of VND 6,300 per kg; Nang Hoa 9 paddy at the price of VND 6,500 per kg; OM 5451 paddy at the price of VND 6,100 per kg ...

According to small traders, today's rice market has slowed down, transaction demand is slow. At present, summer-autumn rice is mainly harvested in Kien Giang, Soc Trang and Bac Lieu provinces, traders buy in moderation due to high prices. Traders have also started to make deposit for summer-autumn rice at high prices.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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