Vietnamese rice prices are projected to surge in the coming time as Thailand’s rice farmers are suffering from severe drought and the recent storms are forcing the Philippines to import more rice to stabilise local prices, the Saigon Times Daily reported.
The Daily quoted a report by the Vietnam Food Association (VFA) as saying that Thailand’s rice output is estimated at 34 million tonnes in the 2013-2014 crop, down 10 percent versus the previous crop due to drought and the cancellation of a rice mortgage scheme.
The National Food Authority (NFA) of the Philippines has said it will 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 importing 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 percent broken rice in Vietnam is now 465-475 USD per tonne, 30 USD higher than India and Pakistan, while Vietnamese exporters quote 25 percent broken rice at 410-420 USD per tonne, 20 USD and 35 USD higher than India and Pakistan respectively.
Vietnam’s prices of 5 percent and 25 percent broken rice have edged up 10 USD and 5-15 USD per tonne against last week. The growing prices of export rice have pushed up local prices to a one-year high.
Statistics from the VFA showed that Vietnam had shipped over 3.3 million tonnes of rice worth nearly 1.5 billion USD by July 22. The country will continue to export two million tonnes under the signed contracts.
Nguyen Hung Linh, Chairman of the VFA, said the association is still sticking to a rice export target of 6.2 million tonnes for this year though rice export activity is faring well.-VNA
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