This policy applies to both in-quota and out-of-quota rice. The decision is aimed at facilitating rice importers and bringing rice to a price that is affordable to the majority.
This is good news for Vietnamese rice. According to the Vietnam Trade Office in the Philippines, the Philippines' rice imports from the beginning of 2024 to May 23 reached nearly 2 million tons, an increase of 20.3% over the same period last year. Of which, Vietnamese rice accounted for nearly 73% of the market share. In second place was Thai rice with 300,227 tons, followed by Pakistani rice with 144,834.5 tons, and Myanmar rice with 65,080 tons.
According to the latest data from the Ministry of Agriculture and Rural Development , in the first four months of the year, the Philippines was Vietnam's largest rice consumer market with 45.9% of the export market share, reaching 1.49 million tons and a turnover of 935.6 million USD, up 15.9% in volume and 44.7% in value over the same period in 2023.
Loading rice onto ships for export.
According to information from some rice exporting enterprises, the Philippine market favors Vietnamese DT8 and OM5451 rice varieties because they taste good and have reasonable prices.
Also related to rice exports, on June 4, the Vietnam Food Association (VFA) cited the Oryza White Rice Index showing that the price of 5% broken rice from Vietnam is currently only 573 USD/ton, down 1 USD/ton compared to the previous day; while Thai rice increased 2 USD, to 622 USD/ton; Pakistani rice is 587 USD/ton, down 6 USD/ton.
Thus, the price of 5% broken Vietnamese rice is the lowest among major exporting countries and is 49 USD/ton lower than that of Thai rice. Meanwhile, last year, Vietnamese rice often held the highest price in the world due to significantly improved quality. At its peak, the price of Vietnamese rice was 90 USD/ton higher than that of Thai rice (November 2023).
The fact that some Vietnamese rice enterprises won bids to export rice to Indonesia with the lowest prices among the bidders has somewhat affected the price of Vietnamese rice.
Meanwhile, the world rice trade is waiting for information from the largest rice exporter, India. If this country reopens its exports, the global rice price level may be affected.
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