Vietnam exported rice prices drop $20/ton

The Vietnam Food Association (VFA) will reduce the floor prices of exported rice by $20/ton from March 12

The Vietnam Food Association (VFA) will reduce the floor prices of exported rice by $20/ton from March 12, the online newspaper DVT reported on March 10, citing VFA source.

This is the fifth time Vietnam rice export has been adjusted from the beginning of this year.

In details, the floor prices of exported rice with 5% and 25% broken rice will drop by $20 and $10 to $500/ton and $490/ton respectively, applying for 50 kg rice sack ( FOB prices).

In the market, rice with 5% and 25% broken rice is sold at between VND9,450-VND9,600/kg and VND8,400-VND8,600/kg, respectively after the Vietnam Food Association (VFA) instructed its member to purchase 1 million tons of rice for stock and the local traders boosted purchasing for contracts signed with Indonesia and Bangladesh this month.

VFA has begun to purchase 1 million tons of rice for stock from March 1 in order to keep rice prices at market price level and at VND5,000/kg at least.

Vietnam is estimated to export $538.6 million worth of 1.099 tons of rice in the first two months of this year, VFA said.

The second biggest rice exporter in the world is forecast to export 6.6 million tons this year, the local newspaper Thoi Bao Kinh Te reported on February 17, citing Truong Thanh Phong, chairman of the VFA

Tags: Vietnam rice, Vietnam Rice prices