Rice price today November 11, 2024: Domestic rice price increased by 50 VND/kg

Domestic rice prices

Regarding the rice market, the price of IR 504 Summer-Autumn raw rice today increased slightly to 10,400 - 10,550 VND/kg, an increase of 50 VND/kg compared to yesterday. The price of IR 504 finished rice remained stable at 12,400 - 12,550 VND/kg, no major change compared to the previous day.

According to information from the Department of Agriculture and Rural Development of An Giang province, today's rice prices have slightly adjusted compared to yesterday. Specifically, IR 50404 rice is priced from 7,300 - 7,500 VND/kg, Dai Thom 8 rice ranges from 8,200 - 8,400 VND/kg. OM 5451 rice remains at 7,300 - 7,500 VND/kg, while OM 18 rice is also priced from 8,200 - 8,400 VND/kg. OM 380 rice slightly decreased to 6,800 - 7,000 VND/kg, while Nhat rice is priced from 7,800 - 8,000 VND/kg. Nang Nhen rice (dry) has a higher price, reaching 20,000 VND/kg.

Regarding by-products, the prices of broken rice and dry bran range from 6,900 - 9,500 VND/kg. The price of OM 5451 broken rice is currently at 9,300 - 9,500 VND/kg, while the price of dry bran ranges from 6,900 - 7,050 VND/kg.

The glutinous rice market did not record any changes compared to yesterday. The price of Long An IR 4625 sticky rice (fresh) fluctuated between 7,800 - 7,900 VND/kg, while Long An IR 4625 sticky rice (dried) remained at 9,600 - 9,800 VND/kg.

Export rice price

In the export market, Vietnam's rice prices have not changed compared to yesterday. According to the Vietnam Food Association (VFA), the export price of 100% broken rice is currently at 427 USD/ton, 5% broken rice is 524 USD/ton, and 25% broken rice is 495 USD/ton. Thanks to the sustainable development of the rice industry, Vietnam's 5% broken rice export price is currently the highest in the region.

According to information from the Ministry of Agriculture and Rural Development, in the first 10 months of 2024, Vietnam's rice exports reached nearly 7.8 million tons, earning 4.86 billion USD. This figure increased by 10.2% in volume and 23.4% in value over the same period in 2023. The average export price of rice in the first 10 months of 2024 reached 626.2 USD/ton, up 12% over the previous year.

It is worth noting that premium rice and fragrant rice currently account for about 50% of Vietnam's total rice exports. This is a long-term strategy of the rice industry, focusing on improving quality instead of chasing quantity to increase export value. For example, in mid-October, more than 1,000 tons of premium rice were exported to Japan, with a selling price of about 800 USD/ton.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien assessed that over the past 5 years, the Ministry has coordinated with provinces, cities and businesses to improve rice quality. Thanks to that, Vietnamese rice, despite its high price, is still accepted by many countries.

With the current export rate and domestic production capacity, rice exports this year are forecast to exceed 8 million tons. Rice exporters in Dong Thap, Can Tho and Soc Trang also said they received many new orders from the Philippines and China.

In addition, the quality of Vietnamese rice is increasingly improved, meeting the standards of demanding markets such as the EU, the US and Japan, opening up more export opportunities. It is forecasted that from now until the end of 2024, rice exports will continue to grow strongly, both in volume and value.

In 2023, Vietnam set a record for rice exports with more than 8.13 million tons, worth 4.67 billion USD, a sharp increase in both volume and value compared to 2022. In 2024, Vietnam's rice exports are forecast to reach over 8 million tons and could reach a turnover of 5 billion USD, creating a new miracle.