Vietnamese rice export prices highest in Asia this week (Photo for illustration/ Source: VOV)

Its 5% and 25% broken rice cost US$473 and US$453 per tonne respectively at the end of this week, up about US$10 per tonne from the previous week.

Currently, Thailand's export price of 5% broken rice was sold at between US$480 - 482 per tonne, representing a slight rise from the US$475 - 482 price range recorded at the end of last week.

The upward trend of both Vietnamese and Thai rice prices can be attributed to the fact that Indonesia plans to import two million tonnes of rice this year in order to ensure their own domestic supply.

According to the Vietnam Food Association, the export of Vietnamese rice will continue to be given a boost in the second quarter of the year thanks to high export rice prices fueled by rising demand for food reserves.

At present, the major markets of Vietnamese rice such as China, the Philippines, and Africa are all ramping up food reserves.

Furthermore, under the EU-Vietnam Free Trade Agreement (EVFTA), Vietnam is granted a duty-free quota for 80,000 tonnes of rice per year, which is anticipated to create a wealth of opportunities for Vietnamese rice exporters seeking to penetrate the EU market.

Statistics show Vietnam's rice exports in the first quarter of the year edged up by more than 19% in volume and 30% in turnover against the same period last year.

The export price of 5% broken rice throughout the reviewed period averaged about US$450 per tonne while that of 25% broken rice reached roughly US$430 per tonne, higher than the export price of rice of the same grade from Thailand and India./.