Rice prices increase in both domestic, foreign markets
Vietnamese rice prices have recently increased in both domestic and foreign markets due to high demand and limited supply.
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Notably, Jasmine rice price is now at US$565-570 per tonne, US$65-70 per tonne higher compared to three weeks earlier.
At the same time, Vietnam’s 5% broken rice is sold at US$410-420 per tonne, up US$35-45 per tonne, while the price of 25% broken rice also rises US$25-30 per tonne to US$370-375 per tonne. In the world market, Vietnamese rice price is only lower than Thai rice’s.
In the domestic market, rice prices of all kind also increased over VND1,000 per kilo averagely.
Nguyen Van Don, Director of Viet Hung Company in the Mekong Delta province of Tien Giang, said the demand for Jasmine rice has surged recently, while the supply of the rice is low and some farmers are still waiting for higher price before selling their rice.
Many businesses attributed the recovery in both markets to the increased consumption in the world. Recent information on some countries’ demand to import Vietnamese rice also heat the domestic market.
Particularly, Bangladesh has signed a memorandum of understanding on rice trade and announced its demand of importing 250,000-300,000 tonnes of Vietnam’s 5% broken rice in the coming time and about 500,000 tonnes for the whole year, while the Philippines also revealed its plan to buy 250,000 tonnes of rice in June and July.
According to the Vietnam Food Association, Vietnam suffered a drop in rice export in the first five months of this year. However, the export has recovered since May with rise of 27.3% in volume and 24% in value in May.
