Rinse rice until water runs clear. Drain well.
Turn Instant Pot to Saute. Add oil and vermicelli. Toast until golden brown (about 4–5 minutes), stirring constantly.
Add rice and saute for 1–2 minutes.
Turn off Saute. Add water, salt and stir.
Seal lid, set valve to Sealing, and cook on Low Pressure (Rice setting) for 12 minutes.
Quick release pressure, fluff with a fork, and serve.