According to data from the General Department of Customs, in 2023, businesses exported 16,900 tons of ST25 rice, earning $16.3 million, increasing by 95% in volume and 88% in value compared to 2022.
The United States is the largest market for ST25 rice imports from Vietnam in 2023, with a volume of 7,221 tons, worth over $7.6 million, accounting for 43% of the market share in terms of volume and 46.8% in terms of value.
In terms of value, the Chinese market comes second with a market share of 15.2%; Australia accounts for 12.9% market share; Germany 6.6% market share; Canada 3.6%,…
It is worth noting that the average export price of ST25 rice is only $965/ton (less than 24,000 VND/kg), lower than the average price of $1,000/ton in 2022, a decrease of 3.5%.
Meanwhile, in 2023, Vietnam’s rice exports reached 8.13 million tons, bringing in a value of $4.68 billion. The average export price of rice in 2023 is $575/ton, an increase of 18.3% compared to 2022.
ST25 rice started to be exported in 2020, after winning the “World’s Best Rice” award in 2019 organized by The Rice Trader with a production capacity of less than 3,000 tons.
According to businesses, along with the increase in production capacity, some companies have reduced selling prices to compete.
ST25 rice exported at an average price of less than 24,000 VND/kg
Preliminary surveys showed that some rice export companies to the United States in small bags for direct sale on supermarket shelves at prices ranging from $1,300 – $1,500/ton, so the price of ST25 rice in bags (50 kg) is much lower.
A representative of a company that both retails ST25 rice domestically and exports it said that because rice exported to the United States is sold by container, calculated at wholesale prices, the retail prices for consumers are lower, but must add 5% VAT.
ST25 rice is sold in loose form at a much lower price compared to branded packaged products
This business owner also added that with ST25 rice exported to China, the popular price is only about $700 – $750/ton, so lower standards (higher moisture content, lower purity – meaning mixed with many other types of rice, high broken rice rate, and only need to pack in 50 kg bags, …) also contribute to the low average price of exported ST25 rice.
“ST25 rice is associated with the brand of the business and is usually priced higher to account for costs such as discounts, promotions, after-sales support, etc. On the market, there are loose ST25 rice variants with relatively cheap prices, equivalent to some segments of exported ST25 rice,” said a representative of a company.
