Rice prices increase in both domestic, foreign markets

Loading rice for export at Saigon Port (Illustrative image. Source: VNA)

HCM City (VNA) – Vietnamese rice prices have recently
increased in both domestic and foreign markets due to high demand and limited supply.

Notably, Jasmine rice price is now at 565-570 USD per tonne, 65-70
USD per tonne higher compared to three weeks earlier.

At the same time, Vietnam’s 5-percent broken rice is sold at
410-420 USD per tonne, up 35-45 USD per tonne, while the price of 25-percent
broken rice also rises 25-30USD per tonne to 370-375 USD 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 1,000 VND per kilo averagely.

Nguyen Van Don, Director of Viet Hung Company in the Mekong Delta province of
TienGiang, 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-percent 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 percent in volume and 24 percent in
value in May.-VNA

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