Rinse the rice until water runs clear, then place it in a medium bowl and cover with water. Soak for 15 to 20 minutes. Test to see if you can easily break a grain of rice by simply placing it between your thumb and index finger. Drain well.
In a Dutch oven, heat the olive oil on medium-high. Add the vermicelli and continuously stir to toast it evenly. Vermicelli should turn a nice golden brown, but watch carefully not to over-brown or burn it.
Add the rice and continue to stir so that the rice will be well-coated with the olive oil. Season with salt.
Add 3 1/2 cups of water and bring it to a boil. Turn the heat to low and cover. Cook for 15 to 20 minutes on low. Once fully cooked, turn the heat off and leave the rice undisturbed in it's cooking pot for 10 to 15 minutes, then uncover, add pine nuts and fluff with a fork.
Notes
If you cannot find vermicelli, substitute broken up angel hair pasta. Tip, for breaking up the pasta: first break into as small pieces as possible by hand, then put into a ziploc bag, cover with a kitchen towel and crush with a meat mallet or rolling pin.