Rice prices of many competitors such as Thailand, Pakistan, India, etc. have plummeted, while Vietnam's "pearl" is stable and is the most expensive in the world.

Data from the Vietnam Food Association shows that in the trading session on October 10, the price of 5% broken rice from Vietnam was stable at 538 USD/ton, 40 USD/ton higher than the same type from Thailand, 51 USD/ton higher than Pakistani and 49 USD/ton higher than Indian products, respectively.

In recent days, in the global rice market, the price of this food has fluctuated sharply downward when India decided to lift the ban on exporting non-basmati white rice from September 28.

Accordingly, the price of Thai rice from 567 USD/ton on September 27 (before India lifted the export ban) to 10 October has dropped sharply by 69 USD/ton (equivalent to a decrease of 12%) to 498 USD/ton. The price of Pakistani rice also dropped sharply by 45 USD/ton, equivalent to a decrease of 8.5% to 487 USD/ton.

Vietnamese rice has dropped from $562 per ton to $538 per ton. Compared to its competitors Thailand and Pakistan, the price of Vietnam’s “pearl” has decreased the least, only 4.2%. Thanks to this stability, Vietnamese rice has far surpassed its competitors, continuing to have the most expensive price in the world.

Compared to July 19, 2023 (the time before rice prices spiked globally), Vietnamese rice are at the same price. Meanwhile, Thai rice is 43 USD/ton lower than 541 USD/ton.

Rice industry enterprises believe that it is difficult for Vietnamese rice prices to fall below 500 USD/ton. This is because countries such as the Philippines, Indonesia and Malaysia are still increasing their purchases, while our domestic supply is not enough for export.

Sharing about Vietnam's rice export activities in the context of India lifting the ban on white rice exports, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that Vietnam's rice currently has a relatively stable market share, value and quality. In the past 9 months, Vietnam exported more than 7 million tons of rice, earning 4.37 billion USD, a value increase of 23.5% over the same period last year.

He also emphasized that the ecosystem in the value chain associated with the market of Vietnam's rice industry is still operating relatively tightly and systematically. Therefore, the fluctuations caused by the removal of India's rice export ban will not have a big impact on this industry of our country.

The US Department of Agriculture forecasts that Vietnam’s rice exports are expected to reach 7-7.5 million tons in the coming crop year. Vietnam’s organic rice and fragrant rice products are favored by many countries thanks to their diverse and high-quality products, helping to maintain higher selling prices compared to India and Thailand.