Rice price increase in domestic and foreign markets

Notably, Jasmine rice is now at 565-570 USD per tonne, 65-70 dollars per tonne higher compared to three weeks earlier. In the domestic market, rice prices of all kinds also increased over 1,000 VND per kilo on average. Many businesses attributed the recovery in both markets to the increased consumption in the world. Recent information on some countries' demand to import Vietnamese rice also stimulated the domestic market. Particularly, Bangladesh has signed a memorandum of understanding on rice trade and announced its demand of importing 250- 300 thousand tonnes from Vietnam, while the Philippines also revealed its plan to buy 250 thousand tonnes of rice in June and July.