Rice price hits 18-month low

The export price of Vietnam’s 5% broken rice has fallen to US$385 per ton, down US$100 per ton against the same period last year and the lowest since February 2020, according to the Ministry of Agriculture and Rural Development. 

Rice price hits 18-month low
Farmers harvest rice in the Mekong Delta province of Soc Trang. The export price of Vietnam’s 5% broken rice has plunged to its lowest in 18 months. - Photo: VNA

Similarly, export prices of India’s 5% broken rice have dropped to US$352-356 per ton, down US$29-31 per ton from early July due to low demand from the global market.

Some rice exporters in Can Tho, Tien Giang and An Giang provinces said the complicated Covid-19 situation has forced many rice mills in the Mekong Delta, which is the country’s biggest rice production region, to close down. 

A leader of Trung An Hi-Tech Farming Joint Stock Company said the company received orders to export rice to South Korea in mid-August. However, it had to request the partners to delay shipments after the southern localities decided to tighten social distancing measures. 

Truong Minh Tam, acting director of the Tan Phat Import Export Commercial One Member Company Limited, which has a rice mill in Lap Vo District, Dong Thap Province, said the company has signed contracts to export 20,000 tons of rice and needs a large number of laborers to fulfill the orders.

However, the company’s workforce has shrunk by half due to stringent social distancing measures.

Moreover, logistics costs have increased by some VND200 per kilogram of rice, equivalent to nearly 2% of rice prices.

 

Tam said the company is trying to fulfill existing orders but is hesitating to receive new ones due to the shortage of human resources and increasing production costs, let alone difficulties in transportation. 

Le Minh Hoan, Minister of Agriculture and Rural Development, said the ministry has established a special team led by a deputy minister to monitor the harvest, trade and consumption of farm produce, including rice, in the South.

The ministry is also working with the localities to help rice traders ride out difficulties. 

Source: SGT

Vietnam likely to rank third in global rice exports in 2022

Vietnam likely to rank third in global rice exports in 2022

Vietnam is anticipated to become the world’s third largest rice exporter next year with an estimated export volume reaching 6.3 million tonnes, according to the projection made by the United States Department of Agriculture (USDA).

Precious 'super-organic' rice produced from formerly 'dead' fields

Precious 'super-organic' rice produced from formerly 'dead' fields

In the world today, there is no rice variety that reaches all 545 quality criteria like Quang Tri organic rice. Two compounds found in this variety are considered highly valuable.

 
 

Other News

.
Banks await more foreign strategic investors
Banks await more foreign strategic investors
BUSINESSicon  22/11/2021 

Several banks are currently issuing dividend paying shares as well as making strong efforts in finding more foreign strategic investors to increase capital. 

Trading value at stock market reaches record high
Trading value at stock market reaches record high
FEATUREicon  22/11/2021 

Cash keeps flowing into the stock market, including during trading sessions when the VN Index falls.

Vietnam's import-export revenue forecast to hit new record in 2021
Vietnam's import-export revenue forecast to hit new record in 2021
BUSINESSicon  22/11/2021 

The Ministry of Industry and Trade (MoIT) has forecast that total import-export revenue this year may reach a new record, at between 640 - 645 billion USD, with a slight trade deficit.

Vietnam – RoK Industrial Park to take shape in Hung Yen
Vietnam – RoK Industrial Park to take shape in Hung Yen
BUSINESSicon  22/11/2021 

The northern province of Hung Yen has issued a decision on the establishment of the Vietnam – Republic of Korea Economic Cooperation Industrial Park (IP).

Land prices rise in suburban Hanoi due to planning rumours
Land prices rise in suburban Hanoi due to planning rumours
BUSINESSicon  22/11/2021 

The Hanoi property market is once again seeing a wave of increased land prices in suburban areas, thanks to rumours of some districts being developed under the model of "city within a city".

Vietnam aims to become a cashless country
Vietnam aims to become a cashless country
BUSINESSicon  22/11/2021 

Vietnam will continue to implement new technologies and policies in its bid to become a cashless country, said banking experts and policymakers in a conference on Friday discussing the current situation of cashless technology in the country.

Hard limit for credit institutions buying corporate bonds
Hard limit for credit institutions buying corporate bonds
BUSINESSicon  22/11/2021 

Credit institutions with a bad debt ratio of more than 3 per cent are forbidden to buy corporate bonds, according to the latest announcement from the SBV.

Will work-from-home continue in post-pandemic Viet Nam?
Will work-from-home continue in post-pandemic Viet Nam?
BUSINESSicon  22/11/2021 

A mixture of online and offline, or hybrid, working is being applied in most big cities in Vietnam.

Vietnam rolls out electronic invoices
Vietnam rolls out electronic invoices
BUSINESSicon  22/11/2021 

The General Department of Taxation started to issue electronic invoices (or e-invoices) yesterday in Ha Noi, HCM City, Binh Dinh, Quang Ninh, Hai Phong and Phu Tho.

Stock market to be turned into main medium and long-term capital channel
Stock market to be turned into main medium and long-term capital channel
BUSINESSicon  22/11/2021 

After 25 years of development, the Vietnamese stock market is playing a more important role in attracting capital, supporting the commercial banking system. 

Vietnam-Australia investment, trade promotion centre inaugurated
Vietnam-Australia investment, trade promotion centre inaugurated
BUSINESSicon  22/11/2021 

Vietnamese Ambassador to Australia Nguyen Tat Thanh attended a ceremony to inaugurate the Vietnam-Australia Trade and Investment Promotion Centre on November 20.

'Revenge shopping', a chance for economic recovery
'Revenge shopping', a chance for economic recovery
FEATUREicon  22/11/2021 

After shopping centers in Ho Chi Minh City reopened, long lines of people were waiting for payment at fashion shops.

EU enterprises in Vietnam optimistic again
EU enterprises in Vietnam optimistic again
BUSINESSicon  21/11/2021 

The leadership of European Union enterprises in Vietnam has become more optimistic about Vietnam’s business environment after the social distancing has ended, and commerce and investment have begun the “new normal.”

Authorities, enterprises collaborate to respond to trade remedy lawsuits
Authorities, enterprises collaborate to respond to trade remedy lawsuits
BUSINESSicon  21/11/2021 

Vietnam is currently facing 208 trade remedy lawsuits, and this figure is expected to increase sharply in the coming time, causing the market share of Vietnamese goods to be at risk of shrinking in many export markets.

Vietnam and the ‘90% economy’
Vietnam and the ‘90% economy’
FEATUREicon  21/11/2021 

While Vietnam's economy is still struggling with difficulties, the world economy is recovering clearly, after a long period of paralysis due to the impact of the Covid-19 epidemic.

Black Friday 2021 launched in HCM City
Black Friday 2021 launched in HCM City
BUSINESSicon  20/11/2021 

The shopping festival Black Friday was kicked off on November 19 in Ho Chi Minh City.

Vietnam wins big tea contract with Malaysian partner
Vietnam wins big tea contract with Malaysian partner
BUSINESSicon  20/11/2021 

Nam Son Co., Ltd and Asia Tea of Vietnam will supply tea to Kong Wooi Fong Tea Merchants Sdn Bhd based in Malaysia under a contract worth up to 2 million USD.

Decrease in in seafood exports expected as a result of new Chinese policy
Decrease in in seafood exports expected as a result of new Chinese policy
BUSINESSicon  20/11/2021 

Vietnam’s seafood exports to China are likely to decrease sharply as Chinese customs are tightening control over imports.

Consumers more prudent with post-pandemic personal finances
Consumers more prudent with post-pandemic personal finances
BUSINESSicon  20/11/2021 

After giving birth to their second daughter, Thanh Van, a 39-year-old office worker in Hanoi, had to quit her job because she could not afford the cost of hiring a babysitter after a 30 per cent pay-cut due to the COVID-19 pandemic. 

Digital transformation to create new growth engine for Vietnam's agriculture
Digital transformation to create new growth engine for Vietnam's agriculture
BUSINESSicon  19/11/2021 

As digital transformation will help overcome most of the weaknesses faced by the local agriculture sector, it should be considered a breakthrough solution for sustainable growth and development in Vietnam.

 
 
 
Leave your comment on an article

OR QUICK LOGIN