Association hikes rice export price

HCM CITY — The Viet Nam Food Association (VFA) announced last week that 5 per cent broken rice will have to be sold at a minimum of US$540 a tonne instead of the earlier $475, and 25 per cent broken price at $485 instead of $445.

It is the sixth hike it has made since August.

According to the UN's Food and Agriculture Organization, global output of the grain this year will be just 697.9 million tonnes, nearly 6.5 per cent lower than forecast, due to unfavourable weather.

The prices of Thai rice, a favourite in the Asian region, have risen by 20 per cent since July.

The VFA said the higher floor prices are aimed at limiting contracts for immediate delivery to preclude a surge in domestic prices.

By November end, exports had already reached 6.11 million tonnes, or more than the volume exported in the whole of last year, it added.

Source: vnagency.com.vn