|Rice products of the Tan Long company
China remained the leading importer of Vietnamese rice with a growth rate of 24%. Strong rises were also seen in many other markets, such as Indonesia, Iraq, the Philippines, and Malaysia.
Average rice prices in the first nine months of 2018 reached US$503 per tonne, up 13.7% year-on-year. The highest price was recorded for Jasmine rice with US$575 per tonne, followed by Japonica with US$526 per tonne.
The export of medium- and high-quality rice increased, while that of low quality types reduced, now accounting for just 2% of the total export volume.
On October 18 this year, the Philippines closed its bidding and decided to buy 47,000 tonnes of rice, including 28,000 tonnes from Vietnam. The same day, Egypt invited bids for 25,000 tonnes of rice in 2018.
Meanwhile, within the framework of the 10th World Rice Conference in Hanoi, many contracts were signed, including a US$2.5 million contract signed between the Hanoi Trade Joint stock Corporation (Hapro) and its Australian and Malaysian partners.
According to the Department of Agro-Product Processing and Market Development under the Ministry of Agriculture and Rural Department, domestic rice prices will continue to rise as buyers purchase more materials for their export orders.
Currently, many localities have finished the harvest of their summer-autumn crop, while some others start to harvest their autumn-winter crops. The prices of rice of autumn-winter crops have increased slightly due to a shortage in supply.
In Vinh Long, rice price is between VND5,300 per kilo and VND10,000 per kilo, while that in Bac Lieu varies from VND6,200 per kilo to VND6,300 per kilo.