Vietnamese rice export prices hit nearly US$1,000 per tonne

The average export price of Vietnamese rice to Brunei reached US$959 per tonne in the opening five months of the year, according the General Department of Vietnam Customs.

Along with Brunei, other markets such as the United States, the Netherlands, Ukraine, Iraq, and Turkey also purchased Vietnamese rice at US$868, US$857, US$847, US$836, and US$831 per tonne, respectively.

With the Philippines reducing rice import duties from its current rate of 35% to 15%, Vietnamese rice exports are anticipated to enjoy robust growth ahead with prices remaining at a high level, according to industry insiders.

Statistics show that the Philippines consumed 1.83 million tonnes of rice during the initial five months of the year, accounting for nearly 50% of Vietnam’s total rice exports.

Experts predict that Vietnamese rice exports will remain stable, especially as prices look set to increase until the end of the year if India has not yet lifted the ban on rice exports to stabilise domestic food security.

Despite enjoying numerous advantages, the export of rice in the second half of the year is likely to face hurdles as India moves to lift its ban placed on rice exports.

Furthermore, droughts and salinity occurring in the Mekong Delta provinces will also pose challenges to the rice industry.

Vietnam exported US$4.6 million tonnes worth US$2.9 billion in the first half of the year, up 10.4% in volume and 32% in value compared to the same period last year.