Nhan Dan – Vietnamese rice prices are projected to surge in the coming months as Thailand’s rice farmers are suffering from severe drought and recent storms are forcing the Philippines to import rice to stabilise local prices, the Saigon Times Daily reported.
The Daily quoted a report by the Vietnam Food Association (VFA) saying that Thailand’s rice harvest for the 2013-2014 crop is projected to be just 34 million tonnes, down 10% versus the previous crop. The decreased yield is being attributed to the drought and the cancellation of a rice mortgage scheme.
The National Food Authority (NFA) of the Philippines has said it will in fact import an extra 500,000 tonnes of rice, instead of 200,000 tonnes as earlier expected due to the impact of Typhoon Rammasun.
The NFA will open a tender for the import of 500,000 tonnes of rice on August 12, taking the total rice import volume this year to 1.3 million tonnes. Delivery is set for early September.
Vietnam has already won an 800,000 tonne rice export contract from the Philippines.
The price of 5% broken rice in Vietnam is now US$465-475 per tonne, US$30 higher than India and Pakistan, while Vietnamese exporters quote 25% broken rice at US$410-420 per tonne, US$20 and US$35 higher than India and Pakistan respectively.
Vietnam’s prices for 5% and 25% broken rice have edged up US$10 and US$5-15 per tonne respectively against last week’s price. The increased prices of export rice have pushed up local prices to a one-year high.
Statistics from the VFA show that Vietnam has exported 3.3 million tonnes of rice worth nearly US$1.5 billion by July 22. The country will continue to export an additional two million tonnes under the signed contracts.
Nguyen Hung Linh, Chairman of the VFA, said the association will still stick to a rice export target of 6.2 million tonnes for this year despite favourable rice export activity.
(Source: VNA)
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