Vietnam’s 5 percent broken rice is US $15/ ton higher than Thailand’s starting August 8 (Photo: Thanh Nien)
The competitiveness of Thai rice in the international market has dropped sharply, partly due to the increase in Thai baht and increasing production costs, forcing Thai rice to stay at a high price.
According to Vietnam Trade Office in Thailand, Thai 5 percent broken rice’s FOB price stayed at US $460/ ton at the beginning of August, US $90 higher than the same rice in India. Meanwhile, Vietnam’s 5 percent broken rice was exported at only US$ 452/ ton. However, only one week later, the 5 percent broken rice's export prices of Vietnam started to gradually surpass Thailand’s, with a difference of US $15/ ton. Vietnam’s 5 percent broken rice is currently priced at US $478-482 in the international market.
The Thai government is considering changing its rice policy, focusing on marketing, reducing production costs, and researching new rice varieties, which include high-quality rice, popular rice, and special rice. Thai Ministry of Commerce will work with the Rice Exporters Association to seek new partners to expand its market, as Thai rice still remains attractive to international partners thanks to its quality, Thanh Nien reported.
Workers move rice sacks from a boat to a warehouse in the Mekong Delta Province of Tien Giang. Vietnam is expected to surpass Thailand in rice exports (Photo: Saigon Times)
Statistics from the Department of Agro-Processing and Market Development reveals Vietnam’s rice export volume and values have reached nearly 3.9 tons and US $1.9 billion, respectively, in the first 7 months of 2020, a 1.4 percent year-on-year reduction in volume and 10.9 percent year-on-year increase in value. At the moment, Philipines is Vietnam’s biggest rice export market, accounting for nearly 37 percent market share. Senegal, Indonesia, China are among Vietnam’s rice export markets boasting the strongest increase in value.
Apple has recently revealed the latest information on iPhone 12 line-up with great design, massive performance leap, 5G for every model, and exciting new camera ...
Vietnam has always been famous for its impressive flavourful cuisine. Besides pho, banh mi, the fresh and healthy Vietnamese summer rolls are also one of ...
Delegates from three Vietnamese provinces joined representatives from four Thai provinces, Bueng Kan, Sakon Nakhon, Nakhon Phanom and Nong Khai, and two Lao provinces, Bolikhamxay and Khammouane, to discuss ways to enhance cooperation during a conference of the nine provinces.
Vietnam News Today (Feb 3): Vietnam, Russia enhance tourism cooperation; Thick fog diverts and delays flights due to poor visibility; Fireworks displays at 11 places to shine on Ho Chi Minh City's sky on Tet Eve; E-commerce platforms report high growth rates in 2023.
The 10th African Investment, and Commerce Forum facilitated hundreds of business-to-business meetings, fostering partnerships and collaboration among stakeholders seeking entry to the African market.
Indian Ambassador to Myanmar, Abhay Thakur, on Tuesday met Myanmar Deputy Prime Minister and Foreign Minister, Than Swe, in Naypyidaw and discussed the various aspects of the multifaceted relations between two nations, reports said.
With tension between China and the US far from tapering off anytime soon, it is in trade and economic areas where Beijing’s activities appear to have further hit panic button in Washington DC as Secretary of State Antony Blinken, during his April 24-26 visit to East Asian country, raised his concern on dumping of Chinese products, including steel and Aluminium in the American market.
Thailand is currently Vietnam's biggest trading partner in the Association of Southeast Asian Nations (ASEAN), while the latter is the former's No. 2 partner, after Malaysia.
The recent slew of reports by American media outlets, notably the Washington Post and The Guardian, concerning alleged actions of the Indian government, has underscored a troubling trend in international journalism. With an “exclusive” report on an assassination plot on American soil purportedly linked to India during its national elections, questions arise not just about the timing of such revelations but also about the inherent biases they may reflect.
Understanding the intricacies of the Japanese yen (JPY) is essential to excel in trading. It is recognizable by its symbol ¥ and holds immense importance in the Forex market as a major reserve currency due to its popularity in carry trades.