return icon Vietnamnet.vn

Vietnam’s rice price surges, surpasses that of Thailand

The export price of Vietnam’s 5% broken rice has soared recently, surpassing that of Thailand and far outstripping the rice prices of India and Pakistan, according to the Vietnam Food Association.

{keywords}
A paddy field in the Mekong Delta. The export price of Vietnam’s 5% broken rice has risen sharply recently. – SGT Photo: Trung Chanh

In mid-August, the export price of Vietnam’s 5% broken rice fell to US$385 per ton, down US$100 per ton against the same period last year and the lowest since February 2020. At this time, the export price of Vietnam’s 5% broken rice was US$8 per ton lower than Thai 5% broken rice but still US$25 and US$40 per ton higher than that of India and Pakistan, respectively.

However, the export price of Vietnam’s 5% broken rice is now US$433-437 per ton, which is US$49, US$68 and US$55 per ton higher than that of Thailand, India and Pakistan, respectively.

Nguyen Thanh Long, director of Van Loi Company, said the Government has increasingly tapped rice from the national reserve to support people affected by the Covid-19 pandemic, and then replenished the national rice reserve, thus boosting both the domestic and export prices of rice. Besides, the recovery of Vietnam’s major rice importers since the beginning of September has further led to the increased rice prices.

Data of the Vietnam Food Association showed that Vietnam exported more than 247,400 tons of rice worth US$121.64 million in the first half of September 2021, increasing 22.15% in volume and 20.31% in value compared with the same period last year. 

However, the country’s rice exports from January to mid-September 2021 dropped over 12% in volume and nearly 4.5% in value year-on-year to 4.22 million tons and US$2.26 billion.

According to the Department of Crop Production under the Ministry of Agriculture and Rural Development, the cost of rice production in the Mekong Delta, which is the country’s biggest rice producing region, reached VND3,713 per kilogram in the 2021 summer-autumn season, the highest since 2018.

The average rice production cost in the 2021 summer-autumn season in the Mekong Delta rose by VND222, VND156 and VND64 per kilogram compared with the same period of 2020, 2019 and 2018, respectively. 

Seeding and soil tillage account for 9-10% and 5-6% of the rice production cost, respectively. Meanwhile, fertilizers and pesticides account for 21-24% and 15-17% of the production cost, respectively. 

Other factors that affect the cost of rice production include harvest, transport, package and labor. Prices of fertilizers, which account for the largest proportion of the rice production cost, have soared since the beginning of this year.

The Ministry of Agriculture and Rural Development said this is one of the main reasons that the rice production cost in the 2021 summer-autumn season in the Mekong Delta rose to the highest level since 2018. 

Source: Saigon Times

Sticking points impeding rice trade

Sticking points impeding rice trade

Although the Vietnamese rice industry has set itself an ambitious export target for 2021, domestic rice farmers and suppliers remain cautious amid the ongoing health crisis and complications in international trade.

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).

MORE NEWS

Credit package for social housing not as productive as hoped

Few have benefited from the VND15 trillion credit package for social housing as there is a limited supply of low-cost homes.

VIETNAM BUSINESS NEWS AUGUST 17

More effective tax collection of e-commerce necessary

VIETNAM NEWS HEADLINES AUGUST 17

Cultural industry to contribute 10% of Hanoi’s GRDP by 2045

Authority warns of scam South Korea labour export programmes

The Department of Overseas Labour under the Ministry of Labour, Invalids and Social Affairs have warned about scams targeting people who want to work in technical occupations in South Korea.

Textile firms call for favourable policies amid pessimistic prospects

With a pessimistic outlook for the second half of 2022, textile firms are calling for favourable governmental policies to turn their situation around.

Enterprises ignoring waste management to face penalty

Enterprises that are required to manage their waste and have yet to fulfill their payment obligations will be inspected, with a possible fine of up to VND2 billion for violations.

Favorable conditions pledged for Qatar’s funds, enterprises

Competent Vietnamese agencies are willing to create favorable conditions for Qatar’s investment funds and enterprises to seek investment opportunities in the country.

Woman posing for Tiktok video at Phu Quoc airport banned from flying for six months

The head of the Civil Aviation Authority of Vietnam Dinh Viet Thang has decided to issue a flight ban on a woman posing for a TikTok video at the Phu Quoc Airport tarmac for six months.

“1,000 public employees quitting jobs each month is inaccurate data”: HCM City

The Ho Chi Minh City Department of Home Affairs says the information that 6,177 public employees quit their jobs in the first half of 2022 is incorrect. These are actually statistics from January 1, 2020 to June 30, 2022.

Gov't sets up six working groups to inspect disbursement of public investment capital

Prime Minister Pham Minh Chinh has tasked six working groups to inspect disbursement of public investment capital in 41 ministries, state agencies and 18 localities where disbursement is below the national average rate of 34.47 percent as of July 31.

Vietnam to mobilise $360 billion for sustainable development targets

Vietnam needs to mobilise $360 billion for implementing its green and sustainable development targets by 2030.

Vietnam to make Apple Watch, MacBook for first time

Apple is in talks to make Apple Watches and MacBooks in Vietnam for the first time as the US tech giant looks to diversify production away from China, Nikkei Asia reported.

Japanese firm buys 35.1% stake at Vietnam’s power company

JERA Inc., a power generation company of Japan, has signed a deal to buy a 35.1% stake at Vietnam’s Gia Lai Electricity JSC (GEC) to tap the Southeast Asian nation's growing demand for electricity and further its own decarbonisation efforts.

Goalkeeper Dang Van Lam officially signs contract with Binh Dinh

Goalkeeper Dang Van Lam has signed a three-year contract with Binh Dinh FC and is expected to play his first match for his new team in the V.League 1 this weekend.

Vietnam faces shortage of Protamine sulfate

The Drug Administration of Vietnam (DAV) has sent a letter to provincial and municipal departments of health, hospitals and drug importers, asking them to supply information on stocks of Protamine sulfate.
back_to_top