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After the Lunar New Year holiday, Vietnam’s export rice price rose sharply, reaching its highest level in the past 2 years.
At the beginning of February, rice prices on the world market fluctuated quite strongly. Accordingly, on February 5, the export price of Vietnamese rice increased by USD 15/t compared to the end of last month. Specifically, 5% broken rice trades at USD 473/tonne, 25% broken rice at USD 453/tonne. This is the highest price in recent years.
However, this price is still USD 20 lower than Thai rice and USD 10/tonne lower than Pakistani rice. Previously, in December 2022, the export price of Vietnamese 5% broken rice remained at the highest level in the world at around USD 438/tonne; 25% rice at USD 418/tonne (about USD 20/tonne higher than Thai rice of the same variety).
Mr. Do Ha Nam, vice president of the Vietnam Food Association, said that the rice price is usually very low at the end of the season, so importers rely on that price to negotiate the purchase of the winter-spring crop. However, this year we sold at a high price, so the winter-spring harvest contracts in 2023 will have better prices.
Rice exporters are busy preparing goods in the first days of the new year.
According to Mr. Nam, the price of rice for export has risen in the first month of 2023 due to economic and political uncertainties, the conflict between Russia and Ukraine has not yet ended, countries have increased demand for food reserves.
“Currently, many major rice importing countries from Vietnam, such as China, the Philippines, Africa… are actively buying rice as a reserve. In particular, the Philippines – Vietnam’s largest rice consuming market – has received positive signals for export activity for 2023, when the country decided to keep the import tax at 35%,” said Mr. Nam.
Positive signals from the market have led to the signing of many rice export contracts. Trung An High-tech Agriculture Joint Stock Company said it has signed many contracts to supply rice to the markets of Korea, Malaysia, Singapore, Europe, Australia and the US from now until the beginning of Q2 2023. to nearly 1,500 containers, equivalent to about 30,000 tons, mainly high-quality rice and fragrant rice.
Mr. Pham Thai Binh, general manager of Trung An Hi-tech Agriculture Joint Stock Company, said the company has returned to production from Tet 4 to quickly deliver goods to partners.
“The sales price of the company’s quality rice in the European market skyrocketed and remained at a high level of USD 600-1,250/tonne. Even 100% broken rice is sold for USD 468/tonne,” says Pham Thai Binh.
The representative of Loc Troi Group announced that the company has now received orders of up to 40,000 tons of rice for the European market in 2023. With an impressive opening, the representative of Loc Troi believes that rice exporters will continue to win big prices in 2023, exceeding the 3 .5 billion USD set by the rice industry in 2022.
@CafeF
