Vietnam's rice export price falls amid global hikes

By Bui Hong Nhung   April 25, 2016 | 11:12 am GMT+7

The export price of Vietnamese rice fell by $5 per ton on the global market in mid-April, while its competitors maintained or even increased prices.

The Ministry of Agriculture and Rural Development said that the price of Vietnamese five percent broken white rice was $370 per ton on April 15, five percent lower than the previous week.

The ministry added this was unusual as prices of other key exporters were on an upward trend. Thailand's rice exports increased by $5 to $380 per ton while Cambodian rice was traded at $460 per ton.

In contrast to the downward trend on the global market, domestic prices recorded some growth due to the effects of the prolonged drought that has caused local enterprises to boost their inventories. In the Mekong Delta province of Kien Giang, the price has surged by 11.5 percent to VND5,600  per kilogram ($0.25). In Bac Lieu, another Mekong province, the price is hovering at around VND5,200.

Data from the Vietnam Food Association shows that Vietnam’s rice exports reached 1.5 million tons this year to April 14, up 1.35 percent over the same period of last year.