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VOV.VN - The export price of Vietnamese 5% broken rice continued to rise to US$598 per tonne on August 3, and is likely to surpass US$600 per tonne in the coming days, according to the Vietnam Food Association.
Although the price remains at US$27 per tonne lower than the same price from Thailand, it stands at US$65 per tonne higher than Pakistani rice and even more than US$100 per tonne compared to Indian rice.
In comparison with the beginning of July, the price of 5% broken rice has skyrocketed by US$85 per tonne and is now on track to surpass US$600 per tonne.
Meanwhile, after several consecutive upward adjustments with a wide margin of up to US$20 per tonne, the export price of Vietnamese 25% broken rice has also outstripped competitors in the region and is being traded at US$578 per tonne, US$10 per tonne higher than that of Thai rice and US$105 per tonne higher than Indian rice of the same type.
Pham Quang Anh, director of the Vietnam Commodity News Center, revealed that the sharp rise in rice prices over recent days reflects the rising demand for hoarding.
Most notably, the recent rice export curbs by some countries such as India, Russia, and the United Arab Emirates (UAE), along with the complicated El Nino developments and geopolitical tensions, have contributed to raising concerns about the global supply shortage.
These factors are anticipated to offer plenty of opportunities to both Vietnamese exporters and farmers as they seek to boost rice exports, earn higher profit, and sign long-term contracts.
Anh predicted that both the global and Vietnamese rice prices would go up in the near future and may beat the US$1,000 per tonne mark recorded in 2008.
VOV