The country earned US$1.41 billion from exporting 2.9 million tonnes of rice over the first five months of the year, a rise of 5.1% in volume and 18.9% in value compared to last year’s figures, according to statistics released by the Agro Processing Market Development Authority.

The opening four months of the year saw the Philipppines take the lead as the largest importer of Vietnamese rice, making up 40.5% of the overall market share with 902,100 tonnes valued at US$401.3 million, an increase of 11.4% in volume and 26% in value.

Moreover, the value also went up in other markets such as China and Indonesia, a 2.7-fold increase, Taiwan (China), up 67.9%, and Ghana, with a rise of 39.3%.

Indeed, the average price of rice during the first four months of the year increased on year by 10% to US$470.2 per tonne. The price of 5% broken rice hit yearly highs of between US$450 and US$460 per tonne.

In terms of the global market, the export price of Indian rice hit its highest level in recent years thanks to strong demand from African and Asian countries. Elsewhere, the price of Thai rice plunged due to drought and fierce competition from both Indian and Vietnamese suppliers.

Within the domestic market, the price of rice in the Mekong Delta underwent a slight increase, with the Vietnamese Government allowing the export of rice through international border gates, road, rail, sea, waterways, and air.

Meanwhile, the price of rice in the Mekong Delta surged by VND200 to between VND5,500 and VND6,900 per kg, depending on their type.