Vietnam's Rice Prices Forecast To Continue Upward Trend In 2024

Vietnam's rice prices forecast to continue upward trend in 2024

HANOI, (APP - UrduPoint / Pakistan Point News - 28th Feb, 2024) Analysts forecast that Vietnam's rice prices will continue upward trend in 2024 on limited supply, Vietnam news reported Wednesday.

The newspaper quoted the analysts as saying that recent falls in Vietnam's rice prices are only short-term.

Vietnam's rice prices are dropping on the psychology of waiting for clearer market trends from rice import plans of importing countries, local media reported.

According to the Vietnam food Association, export rice prices of Vietnam are moving sideways after sharp decreases.

The price of 25 percent broken rice dropped by 20 U.S. Dollars per ton in the past week to 584 dollars per ton, slightly lower than Thailand's.

The country's 100 percent broken rice is sold at 508 dollars per ton, 25 dollars per ton higher than Thailand's.

According to the Ministry of Agriculture and Rural Development, Vietnam targets to export at least 8 million tons of rice in 2024.

As of Feb. 15, Vietnam earned 466.6 million dollars from exporting 663,209 tons of rice.