Currently, the price of rice exports from Vietnam has experienced a significant 40 percent increase since the start of the year, indicating a promising trend for the country's rice export industry.

The Ho Chi Minh City Department of Industry and Trade reported that the export price of Vietnam's five percent broken rice has increased by 40.2 percent to US$633 per ton since the beginning of 2023. Similarly, the export price of Vietnam's 25 percent broken rice has risen by 41.9 percent to US$643 per ton during the same period. These price increases have positively impacted rice export activities and have been beneficial for farmers.

In fact, Vietnam's rice export revenue has reached a new record of US$4 billion since the beginning of the year. This is the highest figure in 34 years since Vietnam joined the global rice export market. Economic experts attribute the surge in Vietnam's rice export price to a significant decrease in supply in the global market, which has disrupted the global food supply chain.

Currently, Ukraine's wheat export activities are experiencing disruptions, leading to a 10 percent reduction in supply in the world wheat market. Similarly, corn supply has decreased by 15 percent and barley supply by 13 percent. Additionally, several large countries have imposed export bans on food products. India has banned the export of rice, wheat, and sugar, while Russia has banned the export of rice and wheat. Turkey and Kyrgyzstan have also imposed bans on cereal exports.

Moreover, unfavorable crop conditions in Pakistan and Thailand's efforts to reduce rice planting are further intensifying the impact on the global food supply chain.