28-2-2024 (HANOI) Market analysts are predicting a sustained upward trajectory in Vietnam’s rice prices throughout 2024 due to constrained supply, as reported by Vietnam News on Wednesday.
While recent declines in Vietnam’s rice prices are deemed short-term, analysts highlight the anticipation of a rebound in the coming months.
Vietnam’s rice prices have experienced a decrease influenced by the cautious approach in the wake of uncertainties surrounding rice import plans by importing nations, as noted by local media.
The Vietnam Food Association has reported that export rice prices in the country are currently stabilizing after notable declines. The cost of 25 percent broken rice witnessed a drop of $20 per ton in the past week, settling at $584 per ton, marginally below Thailand’s rates.
For 100 percent broken rice, it is priced at $508 per ton, holding a $25 per ton premium over Thailand’s equivalent.
The Ministry of Agriculture and Rural Development has set an export target of at least 8 million tons of rice for Vietnam in 2024. As of February 15, Vietnam has already garnered $466.6 million from exporting 663,209 tons of rice.
