Vietnamese rice prices increased sharply when the Philippines banned rice imports from September 1, why?

Updated information on Vietnam's rice prices from the Vietnam Food Association (VFA) on August 7, the price of 5% broken rice in Vietnam increased to 391 USD/ton, an increase of 9 USD compared to the beginning of August.

Vietnam's 5% broken rice is also currently $11 higher than India's ($380/ton), Pakistan's ($369/ton) and Thailand's ($368/ton).

Recently on August 6, the world's largest rice importer and Vietnam's number 1 rice "customer" announced a temporary suspension of rice imports for 60 days, starting September 1.

According to some experts and businesses, the temporary import ban is only a matter of days away, so the Philippines' rice import demand will increase sharply in August. On the other hand, the summer-autumn rice crop is at the end of the season, so supply is limited, thus pushing up the price of Vietnamese rice.

Previously, at the end of July, also due to the demand for rice imports from the Philippines, China and African countries, the price of Vietnamese fragrant rice received a strong increase, at 505 - 510 USD/ton, an increase of 10 - 15 USD/ton.

Entering August, in the context of the world's largest rice importer suspending imports for 2 months, rice exporting enterprises predict that Vietnam's staple rice - fragrant rice - can continue to increase by another 10 - 15 USD/ton.