According to the Ministry of Agriculture and Rural Development, the price of 5% broken rice of Vietnam in October is US$425 - 430/ton. With this price, the price of this rice is higher than that of India at US$48-51/ton and Thailand at US$18-27/ton.
It is estimated that in the first 10 months of 2022, the total volume and value of rice exports will see a year-on-year increase by 17.2% in volume and 7.4% in value to 6.07 million tons and US$2.94 billion, respectively.
The higher increase in the price of Vietnamese rice than that of Thailand, which has been maintained, shows a new development of Vietnamese rice in the world price market. Previously, the price of Vietnamese rice was always lower than Thai rice of about US$10-50/ton. Now the price has changed.
In fact, the increase in the price of Vietnamese rice results in the country’s rice production chain. In recent years, Vietnam has improved rice varieties, increasingly applied clean and organic rice farming models, and upgraded processing technology.
Therefore, the quality of our country's rice has also been enhanced. Some rice types are certified as the best in the world. Many high-quality rice varieties are eligible to enter fastidious markets. In addition, the trade promotion for Vietnamese rice has increasingly implemented effectively.
However, in order to increase and compete well the rice price and the added value of Vietnam's rice industry with competitors in the export rice market, the agricultural sector needs to promote solutions to enhance rice grain quality as well as improve the value chain of this industry.
The industry should strengthen investment in hi-tech for rice production, closely coordinate among four parties (farmers, scientists, traders, and the state agencies), and intensify trademark protection, market connection and negotiation of trade agreements related to rice.
Source: VCN
Keywords: import, export, rice, Vietnam
