Vietnamese rice prices increase after India’s export ban: Illustrative photo. (Photo: VNA)

The price of Vietnam's 5% broken rice increased to 550-575 USD per tonne on July 27, the highest since 2011. In the week earlier, it was just 515-525 USD per tonne.

Vietnam’s average rice export price for the first six months of 2023 reached 539 USD per tonne, a 10.2% increase over the same period in the previous year, according to the General Department of Vietnam Customs.

A trader in Ho Chi Minh City said that exporters expect prices of the grain to rise further after India's move to restrict rice exports.

Meanwhile, Thailand’s 5% broken rice prices also increased to 605-610 USD per tonne on July 27, the highest in the last 11 years.

On July 20, India issued a ban on rice export, aiming to ensure adequate domestic availability at reasonable prices. The ban pushed its rice prices to 445-450 USD per tonne - a record high in the last five years and a half.

According to the Vietnam Food Association, rice prices in the domestic market have also increased sharply.

For example, the price of 5% broken rice is 12,500 VND (0.53 USD) per kg, the average price is 12,304 VND per kg, an increase of 754 VND per kg.