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Consortium sets floor price for rice exports

Update: December, 27/2012 - 11:28


Packing rice at Tien Giang Food Company. Floor prices for rice exports were set at US$370 per tonne today. — VNA/VNS Photo Dinh Hue
HA NOI (VNS)— A floor price of US$370 a tonne for exports of 35-per-cent broken rice has been announced by the Viet Nam Food Association, to take effect from today.

The move was to stop exporters setting lower prices, which was affecting the country's rice operations, the association said.

The association said rice exporters could still decide on export prices for other varieties, however, it was expected the floor price for the 35-per-cent broken grain would influence other grades.

Previously the association had only set floor prices for higher grade rice varieties.

The country has exported 7.495 million tonnes of rice worth $3.345 billion so far this year. The export price for 5-per-cent broken rice last week was $410-420 per tonne, up $5-10 over the previous week. The price for 25-per-cent broken rice also inched up to $372-390 per tonne.

Last week, husked grain price in the Mekong Delta region increased by VND100-150/kg to VND5,300-5,600/kg.

Domestic exporters attributed the price hike to a rising demand in China. China was Viet Nam's largest rice importer, with 1.92 million tonnes in the first 11 months, according to the General Department of Customs.

Meanwhile, rice traders forecast the rice price could decrease early next year thanks to increasing supply. Viet Nam and Thailand would harvest rice crops in February while Thailand and India had 40.6 million tonnes of rice in storage.

Viet Nam was forecast to be the world's second rice exporter this year behind India. — VNS

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