Rice export packaging line at the factory of Trung An High-tech Agriculture Joint Stock Company (Can Tho). Photo: Vu Sinh/Vietnam News Agency
In the first four months of 2024, rice exports reached 3.23 million tons, up 11.7% with 2.08 billion USD, up 36.5% compared to the same period last year. This result is due to the average rice export price since the beginning of the year of 644 USD/ton, an increase of 22.2%.
According to the Vietnam Food Association, the export rice price on May 1 was 580 USD/ton for 5% broken rice, equivalent to the same type of rice from Thailand. The 25% broken rice is at 554 USD/ton, higher than the same type of rice from Thailand (530 USD/ton).
The Ministry of Agriculture and Rural Development forecasts that unfavorable weather conditions, insufficient supply while many countries tend to increase imports for stockpiling. Besides, some countries continue to implement policies to ban or restrict exports along with many conflict hotspots in the world, making the world rice market continue to be active in the coming time.
At the Conference on Reviewing the results of rice export in 2023, the first quarter of 2024, and discussing the direction of rice export in the coming time, which was recently organized by the Ministry of Industry and Trade in coordination with the Ministry of Agriculture and Rural Development and Can Tho City, the reports stated that the global rice output in the crop year 2023 – 2024 will reach nearly 518 million tons, while the total consumption is 525 million tons.
It is predicted that the world will have a shortage of about 7 million tons of rice in 2024. This creates an opportunity for rice exporting countries, including Vietnam. In 2024, Vietnam can meet the rice export supply equivalent to 2023 (8.13 million tons) but still ensure food security.
Vietnam’s rice exports in 2024 will still mainly concentrate in the Mekong Delta provinces. The total volume of rice for export in the Mekong Delta provinces in 2024 is estimated at about 7.6 million tons; including high-quality rice of about 3.2 million tons; fragrant and specialty rice of 2.5 million tons; medium-quality rice of 1.15 million tons; and glutinous rice of 0.75 million tons.
In the domestic market, the price of rice in April 2024 continued to fluctuate depending on the type. The purchase price of IR50404 wet rice in An Giang reached 7,450 VND/kg, down 90 VND/kg compared to March but up 1,305 VND/kg (21.2%) compared to the same period in 2023. Meanwhile, the price of OM5451 rice in An Giang and Kien Giang reached 7,489 VND/kg (up 33 VND/kg) and 7,400 VND/kg (up 25 VND/kg) respectively, up 18% and 16.8% respectively compared to the same period in 2023.
In Hung Yen and Nam Dinh, the average wholesale price of fragrant rice was 21,667 VND/kg (down 833 VND/kg) and 18,357 VND/kg (down 810 VND/kg) respectively. However, it still increased by 60% and 22.4% respectively compared to the same period in 2023.
The Ministry of Agriculture and Rural Development said that the industry closely monitors the weather, hydrology, and meteorology to direct the appropriate crop and plant structure. The industry directs the care and harvesting of the Summer-Autumn rice crop in the southern provinces; the northern provinces focus on caring for the Winter-Spring rice crop; especially pay attention to ensuring water sources for rice production in the North Central provinces.
