Rice export price begins to decline following record high

The rice export price has seen a decrease of between 7% and 8% in recent days after previously hitting their highest level over the course of the past ten years.

Most notably, the majority of rice export businesses based in the Mekong Delta enjoyed selling rice at a high price last week.

Indeed, Cai Be district in the Mekong Delta province of Tien Giang saw firms sell fragrant rice to foreign markets at between US$480 and US$640 per tonne, the highest level recorded over the past ten years.

This decline in the rice export price in recent days can be attributed to both China and the Philippines moving to temporarily suspend the import of rice.

At present, several rice businesses located in Tien Giang province still have a large inventory of rice leftover from their winter-spring crop.

Nguyen Van Don, director of Viet Hung Co., Ltd. in Hau Thanh commune of Cai Be district, said his company has exported approximately 50,000 tonnes of rice, reaching 50% of the year’s total export plan.

Currently, the firm has an inventory of over 10,000 tonnes of rice that remains from the winter-spring crop.

Indeed, rice had been sold at high prices in markets such as Hong Kong (China) and China, although they have now fulfilled their quota. Meanwhile, the Philippines has stopped importing rice and is now awaiting direction from the Government, according to Don, adding that rice from the summer-autumn crop has yet to be sold.