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Vietnamese rice prices ranked highest in the world

21:27 | 18/08/2020

The price of Vietnamese rice has increased since mid-July and exceeded Thailand's to become the highest in the world, according to the Vietnam Food Association (VFA).

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vietnamese rice prices ranked highest in the world
(Photo: Product Brand)

VFA's update last week showed that Vietnam's 5 percent broken white rice was traded at US$493-497 per tonne, compared to $473-477 of the same type of Thailand, $423-427 of Pakistan and $378-382 of India, according to Vietnam News.

Many other Vietnamese rice had good prices, such as DT8 rice traded at $570 per tonne, compared to $540 of the previous crop, and OM5451 rice at $540-550 per tonne compared to $500 of the previous crop.

Under the EVFTA, Vietnamese jasmine rice would be given a zero tariff rate for a quota of 80,000 tonnes per year, which would give Vietnamese rice a competitive advantage in the EU.

"In the past, Vietnamese rice exported to the EU was usually the type that had not been rubbed, had no brand name and was subject to very high import tax. When EVFTA comes into effect, Vietnamese fragrant rice will enjoy 0% tax incentives with a quota of 80,000 tons / year."

"This is really a boost to help Vietnamese rice create a competitive advantage in the EU. Once exported to the EU with its own brand, the name of Vietnamese rice will be world-famous. Moreover, it must be affirmed that Vietnam has many types of aromatic rice recognized as the best in the world such as ST24, ST25 ... capable of competing with fragrant rice from Thailand and India", Mr. Pham Thai Binh analyzed.

However, the export price of Vietnamese fragrant rice is still not commensurate with its quality and real value. While all kinds of fragrant Thai rice have been sold for a long time, the export price of Vietnamese fragrant rice recognized as the best in the world is less than USD 1,000/ton, reported by VGP.

vietnamese rice prices ranked highest in the world
(Photo: Thanh Nien)

To solidify the position of Vietnamese rice in the world market, exporters must work to negotiate prices compatible with the value and quality of the grain, and at the same time share profits with rice growers to help Vietnam's rice production and exports develop sustainably, Binh said.

Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade's Import-Export Department, said that Vietnam's rice export to the EU remained modest at about 20,000 tons annually worth USD 10.7 million in 2019. The EU market consumed about 2.5 million tonnes of rice per year in 2016-2020.

The EVFTA was opening the door for Vietnamese rice to expand in the EU with an export tariff of zero per cent applied for a quota of 80,000 tonnes per year, Hai said. Regarding jasmine rice, the EU requires an authenticity certificate granted by Vietnam so the grain can enjoy the zero export tariff. Hai said the Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development were collaborating to develop procedures to register certification of authenticity.

The Ministry of Agriculture said that Vietnam shipped 3.9 million tonnes rice abroad in January-July, worth USD 1.9 billion, down 1.4 percent in volume against the same period last year but up 10.9 percent in value. The Phillippines remained the largest rice import market of Vietnam with a share of 37 percent.

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Vietnam’s 5 percent broken rice is US $15/ ton higher than Thailand’s starting August 8, according to Vietnam Trade Office in Thailand.

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