Retail News CRM

Tag: rice

  • Rice export prices on the rise

    Rice export prices on the rise

    Vietnam’s rice export prices grew 9.2% year on year to $532 per tonne in the first quarter of 2023, said the General Department of Vietnam Customs.

    The price increase was attributed to a surge in the proportion of high-quality rice such as fragrant, glutinous, and specialty rice.

    High-quality rice is accounting for 50% of the total export volume and sold at $600-1,000 per tonne at present.

    Experts predicted that favourable conditions will remain for rice export and prices will stay good in the short term as the share of high-quality rice is increasing and global economic and political uncertainties are boosting food stockpiling demand.

    Vietnam exported 1.79 million tonnes of rice, earning $952 million between January and March.

  • Vietnam exports 1.7 million tonnes of rice in Q1

    Vietnam exports 1.7 million tonnes of rice in Q1

    Vietnam exported 1.7 million tonnes of rice in Q1 worth over $900 million, a 19% increase in quantity and 30% rise in value over the same period last year, according to Vietnam Customs.

    According to the Ministry of Industry and Trade (MoIT), Vietnamese rice has seen some success in improvements in quality and demand over the last several years.

    The majority of exported rice came from the Mekong Delta, with the rest of the country’s rice production centres mainly serving the domestic market.

    Le Thanh Tung, deputy head of the plant cultivation department under the Ministry of Agriculture and Rural Development (MARD), said rice production this year for the Mekong Delta alone is projected to reach 24 million tonnes. Consumption for the Delta and Ho Chi Minh City, Vietnam’s most populous city, will stay around 11 million tonnes, leaving 13 million tonnes for export.

    Of which, premium-quality rice for export accounts for 3 million tonnes, specialty rice 2.1 million tonnes and regular rice 1 million tonnes.

    Vietnamese rice will likely continue to be sought after in the second quarter of the year as demand has been on the rise in major markets including the Philippines, China and Africa, said the Vietnam Food Association (VFA).

    Nguyen Ngọc Nam, President of the VFA, said Vietnamese rice has been fetching good prices on the international market despite a gloomy outlook for the global economy as countries look to stock up on food for uncertain times ahead.

    In addition, major free trade agreements including the European Union – Vietnam Free Trade Agreement (EVFTA) have seen tariffs on Vietnamese rice reduced by as much as EUR175 per tonne, giving Vietnamese premium rice an advantage in the European markets.

    As demand soars, exporters have been trying to purchase additional amounts from farmers to maximise efficiency and profit. However, many have voiced concerns over a lack of capital.

    Phan Van Chinh, Director of MoIT’s Agency for Foreign Trade, said the ministry has been working closely with exporters to find solutions to minimising logistic costs and dealing with import/export protocols in international markets.

    On the other hand, the ministry said it is to keep a close watch on the amount of rice being exported to ensure the country’s food security.

    In an earlier development, the State Bank of Vietnam (SBV) has ordered commercial banks to review and streamline the borrowing process for rice traders to help them access additional capital sources.

  • Vietnam’s rice exports rise 30%

    Vietnam’s rice exports rise 30%

    Vietnam’s rice export value rose 30.2% in the first quarter despite export volume falling 19.2%.

    According to a Ministry of Agriculture and Rural Development report, the country shipped 1.79 million tons of rice worth $952 million abroad in the period.

    The average export price reached $531 a ton, up 9.2% over the same period in 2022. The hike is mainly because shipments to China are recovering, and Indonesia is also buying more to build up national reserves.

    At a conference on rice exports at the end of February, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association (VFA), predicted that rice prices will remain high in the second quarter.

    According to the UN Food and Agriculture Organization (FAO), many countries are at risk of drought in the second half of the year, so food production may decline. As a result, they are increasing the purchase of rice to ensure food security.

    This is an opportunity for Vietnamese rice exports to benefit, said experts.

    Lees ook:

  • Vietnam rice price on top of the world

    Vietnam rice price on top of the world

    Vietnamese 5% broken rice has been the most expensive in the world since August last year, surpassing rivals Thailand and India, according to the Ministry of Industry and Trade.

    In the first two months of this year Vietnam’s average rice price was over $519 per ton. Since August last year, it has exceeded Thai prices by $15-27 and prices from India by $40-50.

    Although Vietnamese export volumes dropped 20.9% year-on-year to $400,000 tons in January, prices rose 7%.

    Last year rice exports from Vietnam reached a 10-year high of 7.1 million tons.

    The country plans to export 6.6 million tons of rice this year, with 4.12 million tons in total scheduled to be delivered by the end of the first six months.

    Favorable export conditions are expected to return this year thanks to a resumption in demand from Indonesia and Bangladesh.

    Buyers will increasingly turn to Vietnam for rice as India has banned the export of broken rice and put a 20% tax on white rice.

    But the Ministry of Industry and Trade is concerned that the need for more diversification in export markets and dependence on China and the Philippines (the latter being the largest buyer of Vietnamese rice, accounting for 45% of exports) will be a challenge to the industry.

    Low-priced rice from Pakistan may also present a challenge to holding market shares.

    Input prices have been rising and logistics costs have remained high since the beginning of the Russia-Ukraine conflict.

    The trade ministry is working with the E.U. to better introduce the import of Vietnam fragrant rice on the continent.

    Lees ook:

  • Vietnam rice exports to Taiwan continue to rise

    Vietnam rice exports to Taiwan continue to rise

    Vietnam’s rice exports to Taiwan rose by 18.5% last year as quality improved and prices were competitive.

    It shipped 20,281 tons worth over US$10 million, accounting for more than 16% of Taiwan’s imports, the third highest market share.

    In recent years Vietnam’s exports of high-grade rice to the market have been steadily increasing as its prices are lower than Thailand’s, Taiwan’s second-largest source of imports at 23,042 tons.

    But Thailand’s exports declined by 20% last year. Vietnam’s sticky rice exports to Taiwan exceeded those of the U.S. and Thailand.

    Overall, Vietnam exported more than seven million tons of rice worth $3.5 billion to the global market last year.

    It was sold in European supermarkets for the first time.

  • Vietnam rice exports plummet on lower global demand

    Vietnam rice exports plummet on lower global demand

    Rice exports fell 17.4% year-on-year in January to US$203 million as global demand shrank.

    In volume terms, they declined by 20.9% to 400,000 tons, according to the Ministry of Agriculture and Rural Development.

    Global demand was lower since inventories remained high in many countries, it said.

    The U.S. Department of Agriculture said in its January report that the global rice trade is set to fall by 4% this year to 54.4 million tons, the first drop since 2019.

    The Thai Rice Exporters Association has lowered the export target for this year from 8 million tons to 7.5 million tons, fearing global crises would affect trade.

    Vietnam expects exports to recover by the end of March as the Thai baht continues to gain against the U.S. dollar, making that country’s rice less competitive.

    Lees ook:

  • Low-quality rice imports to be restricted

    Low-quality rice imports to be restricted

    The Ministry of Industry and Trade is drafting a decree on rice trade to limit the import of low-quality grain.

    The volume of low-grade rice imported from India has surged due to low vietnaprices and zero import tax under the ASEAN-India Free Trade Area, potentially affecting Vietnam’s own rice production and food security.

    Last year Vietnam imported a million tons of rice from various countries, including over 72% from India, according to ministry statistics.

    The low-quality grain, including broken, imported from India is mainly used to make noodles, cakes, animal feed, beer, and liquor.

    Vietnam, which exports 6-6.5 million tons of mainly high-grade rice annually to 156 countries and territories, had imported only around 5,000 tons of Indian rice in 2019, according to the ministry.

    Pham Thai Binh, general director of Trung An Hi-tech Farming Joint Stock Company, said “Vietnamese farmers’ income is still very precarious. Instead of importing low-quality rice, enterprises can buy rice in the domestic market, helping increase selling prices and farmers’ income.”

    According to the draft decree, if rice import volumes increase sharply, potentially affecting domestic production, they will be restricted. Besides, rice traders face stiffer penalties for failure to make quarterly and annual reports on exports and inventories as required.

    Lees ook:

    Lees ook:

  • Vietnamese rice prices surpass Thailand’s in global markets

    Vietnamese rice prices surpass Thailand’s in global markets

    Vietnamese 5% broken rice, which usually costs less than its Thai peers in export markets, raced past them in October to reach record levels. It fetched $425-430 per ton, $48-51, and $18-25 higher than similar varieties from India and Thailand, according to the Ministry of Agriculture and Rural Development.

    Vietnam exported over six million tons of various kinds of rice for nearly $3 billion in the first ten months, up 17% and 7% year-on-year.

    According to local businesses, this is not the first time Vietnamese rice has fetched higher prices than Thailand’s, but its brand recognition is growing in the world market.

    “Vietnamese fragrant rice is still behind Thailand, but it is becoming increasingly popular with foreign consumers,” Pham Thai Binh, general director of Trung An Hi-tech Farming Joint Stock Company based in the southern city of Can Tho, said.

    His company exports some 30 containers of rice to Europe every month at $700-1,250 per ton, he said.

    Australia recently registered the ‘Gao Ong Cua Vietnam’ trademark for ST24 and ST25 rice varieties developed by agricultural engineer Ho Quang Cua.

    ST25 won the World’s Best Rice Contest in 2019 and ST24 came second in 2017.

    Loc Troi Group’s rice with the trademark ‘Com Vietnam Rice’ is sold at 4,000 supermarkets in France.

    Local firms expect rice exports to remain big and fetch high prices for the next three years since the world is facing climate change and the food supply is falling.

    Thailand’s rice production is declining.

    Vietnam is the world’s third-biggest rice exporter after India and Thailand and accounts for 7.8% of the global rice trade.

    Its rice is sold in 28 countries and territories worldwide, mainly in Asia and Europe.

  • Vietnam Jan-Oct rice exports at 6.1 mln tonnes

    Vietnam Jan-Oct rice exports at 6.1 mln tonnes

    Vietnam’s rice exports in the January-October period are estimated to have risen about 17.2% from a year earlier to 6.07 million tonnes, government data showed on Saturday.

    Revenue from rice exports in the period is seen up 7.4% to $2.7 billion.

    October rice exports from Vietnam, one of the world’s leading shippers of the grain, likely totalled 700,000 tonnes, worth $334 million.

    Lees ook:

    Lees ook:

  • Vietnam’s world’s best rice gets trademark in Australia

    Vietnam’s world’s best rice gets trademark in Australia

    Vietnam’s ST24 and ST25 rice varieties, the latter the World’s Best Rice award winner not long ago, have obtained trademarks in Australia.

    The ‘Gao Ong Cua Viet Nam’ trademark has been registered by Ho Quang Tri Private Enterprise, a company owned by the son of the main developer of ST25, Ho Quang Cua.

    The trademark is valid until June 2031.

    It includes a logo of the brand with Cua’s smiling face next to a stem of grain.

    ST25 won the World’s Best Rice contest in 2019 and secured second place in 2020.

    It was the result of 25 years of research by Cua and his colleagues who cross-bred the premium fragrant rice, described as having a sweet taste and a hint of pineapple flavor, in the Mekong Delta province of Soc Trang.

    Cua has been pursuing global trademarks for the grain since last year after several companies tried to register the ST25 trademark in the U.S. and Australia.

    He has successfully registered the brand in the E.U. and the U.K.

  • Bangladesh to import rice from Vietnam and India to replenish reserves

    Bangladesh to import rice from Vietnam and India to replenish reserves

    Bangladesh is finalizing deals with Vietnam and India to import a total of 330,000 tonnes of rice as it races to replenish reserves and cool domestic prices, two officials with direct knowledge of the matter said on Monday.

    Soaring prices of the staple grain for the country’s 165 million people pose a problem for the government, which plans to expand cut-price rice sales to help people hard-hit by high costs.

    The south Asian country will buy 100,000 tonnes of parboiled rice from an Indian public sector firm and 200,000 tonnes of parboiled rice and 30,000 tonnes of white rice from Vietnam, the government officials said.

    The price for the parboiled rice from Vietnam will be $521 a tonne and white rice $494 a tonne, said the officials, speaking on condition of anonymity because the deals have not been made public.

    The price for rice from neighboring India will be $443.50 per tonne via seaports and $428.50 per tonne via railways, the officials said. All the prices included freight, insurance and unloading costs, they said.

    “Preparations are underway to sign the deals soon,” one of the officials said, adding the rice would be delivered within two to three months after the signing.

    The Bangladesh government is also holding talks with Myanmar to import rice, the officials said, putting aside a rift over the Rohingya refugee crisis.

    Bangladesh this week slashed import duty on rice to 15% from 25%, cutting it for the second time since July in a bid to boost private imports.Its private rice import plan, however, faces a setback with only 36,000 tonnes bought since July, after the government allowed private traders to import nearly 1 million tonnes of the staple grain after slashing duty to 25.0% from 62.5%.

    The government will begin selling rice at a cheaper rate for 5 million poor families and expand such sales from September, in an effort to rein in surging domestic prices, which saw yet another uptick after it hiked domestic oil prices early this month.

    Bangladesh, traditionally the world’s third-biggest rice producer with around 35 million tonnes annually, uses almost all its production to feed its people. It still often requires imports to cope with shortages caused by floods or droughts.

    Lees ook:

  • Rice exports jump 20 pct

    Rice exports jump 20 pct

    Vietnam exported 4.2 million tons of rice in the first seven months, 20 percent up year-on-year, according to the Ministry of Agriculture and Rural Development.

    But earnings were only 9 percent higher at US$2 billion since global rice prices have fallen by over 10 percent to $489 a ton.

    Exports to the U.S. grew fastest at 65.3 percent, followed by the Philippines, Vietnam’s top market, at 48.6 percent.

    Domestic prices also fell as adverse weather affected rice quality and demand was low compared to previous months.

    Exporters have slowed down purchases from farmers and await the peak harvest season.

    Lees ook:

  • Rice firms to see profits fall as input costs grow

    Rice firms to see profits fall as input costs grow

    Vietnam’s rice firms are having to lower their profit plans and targets this year as input costs rice and demand falls.

    Prior to the annual meeting of its shareholders, the Trung An Hi-tech Farming JSC adjusted profits down to VND100 billion ($4.3 million), six times lower than its earlier plan.

    An Giang Import Export Company expects pre-tax profit to fall to VND25 billion, or less than half of last year’s VND57.6 billion, and revenues halved to around VND2 trillion.

    The Loc Troi Group has lowered its profit estimates by 4 percent to VND400 billion for this year and the next.

    The fall in profit is happening because fertilizers, which accounts for over 50 percent of agricultural inputs, have seen prices increase by double-digit or even triple digits over last year.

    Fertilizer and animal feed price hikes are placing huge financial burdens on farmers and firms, the Ministry of Agriculture and Rural Development has acknowledged.

    Vietnam National Seed Group said adverse weather would be another concern this year, with earlier monsoon in the Mekong Delta and heavy flooding in the central provinces.

    Restructuring of land use and shortage of human resources due to urbanization and industrialization further inhibit cultivation and other post-harvest processing, it said.

    Rice firms also expect transportation costs to eat into their profit. Trung An said transport fees to Asian locations have doubled, and to Europe have tripled from last year.

    Local demand has fallen by 15-20 percent year on year as consumers stop stockpiling commodities in the aftermath of the Covid-19 pandemic peak, Du Phuc Thinh, modern trade sales manager of Lotus Rice Company said.

    “Gasoline, transport and input costs have all surged to unprecedented levels and showed no signs of decrease […] which have forced firms to raise prices, while demand has been low,” Thinh said.

    But demand may start to recover in the second half of this year as the year-end shopping spree gets underway, he added.

    In the first five months of this year, Vietnam exported 2.86 million tons of rice, fetching $1.39 billion, according to preliminary data from the Ministry of Industry and Trade.

    Vietnam will export 6-6.2 million tons of rice this year, the Vietnam Food Association has estimated.

    Lees ook:

  • Rice export prices continue to drop

    Rice export prices continue to drop

    Average rice export prices fell for a second straight month to US$415-420 a ton, resulting in a marginal year-on-year decline in revenues for Vietnam despite higher volumes.

    The country exported 2.86 million tons for $1.39 billion in the year to date, up 10.3 percent in volume but down 1 percent in value, according to data from the Ministry of Agriculture and Rural Development.

    Global prices have been falling due to abundant supply, with Thai 5 percent broken rice becoming $5 per ton cheaper at $445.

    The Philippines remained Vietnam’s top market, importing 915,000 tons for $422.2 million, up 28.3 percent and 11 percent.

    But domestic prices rose slightly in early June as there was a drop in supply between the winter-spring and summer-autumn crops.

    Lees ook:

    Lees ook:

  • Rice export prices drop in Q1

    Rice export prices drop in Q1

    Average rice export prices dipped by 10.6 percent in the first quarter, resulting in a 6-percent decline in revenues.

    Vietnam exported 2.05 million tons of rice for US$1 billion, up 4.4 percent in volume but prices fell to $386.2 a ton due to abundant supply, according to the Ministry of Agriculture and Rural Development.

    On the global market, rice prices also dropped marginally in May, with Thai 5 percent broken rice being $5 per ton cheaper at $410-412 and Indian exports falling by $10 to $361-365.

    Vietnam’s top market in the first quarter was the Philippines, whose imports increased by 63.8 percent year-on-year to 672,142 tons.

    Domestic prices remained unchanged in May, however. In the southern An Giang Province, normal rice was sold at VND11,000 ($0.48) a kilogram and jasmine rice at VND15,000.

    Lees ook:

    Lees ook: