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Vietnamese rice prices for export drastically increase |
The Ministry of Agriculture and Rural Development and the Vietnam Food Association said that the price of Vietnamese rice exports has increased sharply again after Indonesia announced an increase in rice imports and Vietnam will be the main rice supplier for this market.
Specifically, the price of Vietnam's 5 percent broken rice has increased from US$610-US$620 per ton last week to US$615-US$625 per ton while 25 percent broken rice also exceeded $600 a ton, currently fetched $608 a ton.
Recently, the acting Minister of Agriculture of Indonesia confirmed to the Indonesian press that Vietnam and Thailand will be the two main rice suppliers for this country's next purchase of 1.5 million tons of rice.
According to the Vietnam Trade Office in Indonesia, while Indonesia is facing a shortage of domestically produced food production due to El Nino, the Vietnamese rice supply will be a reputable source for the Indonesian Government and consumers. In the first nine months of 2023, Vietnam's total rice export volume to Indonesia was 884,177 tons, worth $462 million, an increase of 17.7 times in volume and 19.2 times in price.
