Vietnam’s 5 percent broken rice prices have hit a peak in the world market, $579 per ton, or $11 per ton higher than the same product of Thailand, its major rival, and $40 per ton more expensive than Pakistan’s rice.

Vietnam’s 25 percent broken rice prices are also higher than that of Thailand and Pakistan by $27 and $41 per ton.

In 2023, Vietnam exported 8 million tons of rice, worth $4.6 billion, a record since 1969. Vietnam’s export rice price once hit $663 per ton threshold, the highest among rice export products.

For a long time, Vietnam’s rice was positioned as low-cost. However, Vietnam’s rice is among the most expensive products in the world with improved quality. Vietnam now has rice varieties with outstanding quality which are better than its rivals, including Thailand.

Vietnam’s rice prices are very high in some markets. In Brunei, for example, Vietnam’s rice is sold at $959 per ton. The figures are $868 in the US, $857 in the Netherlands and $847 in Ukraine. In Iraq, it is sold at $836 per ton and in Turkey at $831.

In late 2023, some businesses reported that exported rice to Germany sold at $1,800 per ton and to Japan at $1,200.

“Vietnam’s rice is not only selling to poor countries, but has also penetrated choosy markets such as Japan, South Korea, the US and Europe,” said Minister of Agriculture and Rural Development Le Minh Hoan.

“Vietnam rice is recognized as the most delicious rice in the world. It is included in politicians’ menus, and is the choice of famous cooks,” he added.

According to the General Department of Customs (GDC), Vietnam had exported 5.7 million tons of rice as of mid-August, valued at $3.59 billion. The export volume increased slightly by 6.5 percent compared with the same period last year, but the export value rose sharply by 24.7 percent.

Vietnam plans to export $5 billion worth of rice this year as it can see high demand and export price increases.

Vietnam won bids to provide rice to Indonesia in late 2023 and earlier this year. Indonesia also hopes it can buy rice from Vietnam in the upcoming bid for 350,000 tons of rice.

Vietnam’s rice varieties

Talking about the success of Vietnam’s rice farming, Nguyen Thi Tra My, CEO of PAN Group, said Vietnam has a dense irrigation system with all types and scales for all ecological areas, so irrigation can be implemented well, helping stabilize rice yield and quality.

Vietnam is pursuing a rice breeding strategy that creates varieties with many outstanding features – a high yield, short growing period (90-110 days), and high quality. The strategy has brought success and helped Vietnam cement its position on the world’s rice map.

She said in Mekong Delta, there are rice varieties with short growing period of 90-105 days, with average yield of 7-8 tons per hectare and high quality. These are the major rice varieties for export.

The outstanding features of Vietnam’s Jasmine 85 rice have prompted many Thai farmers to shift to the variety. 

Cambodian farmers favor Vietnam’s fragrant rice varieties. The chair of the Cambodia Rice Federation earlier this year said Cambodian farmers shifted from growing local rice varieties to fragrant specialty rice varieties from Vietnam, such as OM 5451, ST and Dai Thom 8 as the varieties bring higher profits.

Vietnam has varieties resistant to brown planthoppers, while ST25 variety created by Ho Quang Cua have twice been recognized as the world’s best rice. DaiThom 8 is a favorite of farmers throughout the country, and makes up 30 percent of Vietnam’s fragrant rice exports.

PAN plans to introduce a new rice variety this year end with drought and salinity tolerance, and high quality, suitable to the climate conditions in the northern, central and southern regions. 

Vietnam has an ongoing project developing 1 million hectares of specialized high-quality and low-emission rice by 2030. Vietnam is the first country in the world that is cultivating low-emission rice on a large scale.

Tam An