Hanoi (VNA) – Prices of paddy and rice are on the rise as a result of increased exports to Indonesia and the Philippines, as well as rising orders from China, according to the Ministry of Agriculture and Rural Development♋.
The price hikes were reported in Mekong Delta provinces last week amid severe saltwater intrusion that hit the region in early February, two months earlier than previous years, due to serious river water shortages.
In An Giang, the price of fresh IR50404 paddy rose by 50 VND per kg to 4,550 VND (0.204 USD) per kg.
That in Vinh Long fetched 4,650 VND (0.208 USD) per kg, up 150 VND, while the price of dried IR50404 paddy picked up 100 VND per kg to 5,100 VND (0.229 USD).
The Mekong Delta is busy harvesting its Winter-Spring rice crops which have been affected by the saltwater intrusion.
Last week, Vietnam sold 5 percent broken rice at the price of 360-370 USD a tonne, free on board (FOB) Saigon Port, from 350-360 USD a tonne of the previous week. The 25 percent broken price edged up 350-360 a tonne last week, from 350-360 a tonne two weeks ago.
The gains have kept Vietnam’s rice export prices at the same level as those of its nearest rival, Thailand.
Indonesia is currently the country’s biggest rice buyer, thanks to its deal to import one million tonnes of rice from Vietnam inked last year.
The Ministry of Industry and Trade forecast that Vietnam’s rice exports will continue suffering stiff competition from the world’s large rice exporters, such as Thailand, India and Pakistan, this year in terms of price and quality.
The Ministry of Agriculture and Rural Development estimated that Vietnam shipped about a million tonnes of rice abroad during the first two months of 2016 for 445 million USD, up 2.1 times in volume and two-fold in value compared with the same period last year.-VNA
Vietnam will have various advantages in exporting rice this year though it may have to compete with Thai rice in the global export market when Thailand sells rice at stock.
Vietnam exported nearly 315,000 tonnes of rice as of January 28, an increase of 46 percent compared with the same period last year, according to the Vietnam Food Association (VFA).
State and local rice firms should pay attention to developing domestic rice markets, as they have a great potential in the overall selling of rice, said experts.
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Illustrative image (Photo: VNA)
