Vietnamese Rice Prices Hold Steady as Thai Exports Face Price Pressure

On the morning of November 14, rice prices in Vietnam’s Mekong Delta were largely unchanged from the previous day. Raw IR 504 rice was purchased at 9,500–9,600 Vietnamese dong per kilogram, while OM 5451 fetched 11,300–11,400 dong per kilogram. According to An Giang Province’s Department of Agriculture and Environment, fresh OM 34 paddy was priced at 6,400–6,500 dong per kilogram, OM 5451 at 6,500–6,600 dong, and both Đài Thơm 8 and OM 18 at 7,100–7,200 dong.

Rice prices in Vietnam’s Mekong Delta were largely steady on the morning of November 14.（VietVance）

In the export market, prices published by the Vietnam Food Association put Vietnamese Jasmine rice at $565–569 per metric ton, 5% broken fragrant rice at $535–540, and 5% broken white rice at $442–446. Comparable Thai white rice was quoted at $488–492, Pakistani rice at $410–414, and Indian rice at $388–392.

Thai 5% broken white rice was quoted above comparable rice from Vietnam, Pakistan and India.（VietVance）

Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, said the price gap between Thai white rice and its competitors was approaching $100 per metric ton, prompting more overseas buyers to choose other suppliers. He said Thailand could fall from third to fourth among the world’s largest rice exporters if Pakistan overtakes it in export volume.

Chookiat also said Thai Hom Mali fragrant rice was priced at about $1,100 per metric ton, above Cambodian fragrant rice at $750 and Vietnamese fragrant rice at $525–555. Traditional markets, including Hong Kong and mainland China, have reduced purchases of Thai fragrant rice and shifted to Cambodian and Vietnamese products. He said domestic stockpiling, flooding in central Thailand in October and labor shortages had driven up prices and export costs. Loading rice onto ships now takes up to 20 days, compared with about a week previously.

Source: VietVance