Vietnam’s rice export prices at record high

In spite of taking advantage of high prices, Vietnam’s rice industry needs to closely follow the demand and developments of the world’s rice to adjust properly.

According to the Agricultural Products Processing and Market Development Department under the Ministry of Agriculture and Rural Development, in the Jan-Nov period, Vietnam shipped more than 5.35 million tons of rice abroad, earning nearly USD2.64 billion; average export rice price reached nearly USD494 per ton, a year-on-year increase of 13%.

Director of the Institute of Policy and Strategy for Agriculture and Rural Development Tran Cong Thang said that figures show that Vietnamese rice has seen a positive change in price and added value with its increasing quality gaining recognition from the world.

“During the time when Vietnam and other countries are being affected by COVID-19, many Vietnamese agricultural products have suffered declines in terms of the market. However, rice is one of the bright spots, especially when the export price of Vietnamese rice is relatively high in addition to the slight price increases in the domestic market, which are some good signs,” Thang noted.

The reason for the rise in rice prices is the increasing demand for reserves in importing countries due to the complicated development of COVID-19. Meanwhile, rice production of some exporting countries such as Thailand continued decreasing due to the impact of climate change./.