Vietnamese rice exporting companies are rushing to collect rice and paddy from farmers in order to fulfill the country’s target to export 4.5 million tons of rice in 2008, local media reported.
According to the Vietnam Food Association (VFA), the companies have signed contracts to export 3.5 million tons of rice by September 2008, meeting the country’s plan.
As of mid-August, they exported nearly 2.86 million tons worth more than US$1.67 billion, down nearly 1.7 per cent on year in volume but up 94 per cent in value thanks to high export prices, especially during June.
But the prices dropped by 23.28 per cent to only US$770 a ton in the first half of 2008.
Vietnamese companies now set their floor rice export prices at US$600 a ton.
At local market, paddy prices have increased by 12 per cent to VND4,800-VND4,900 a kilogram, according to the Ministry of Agriculture and Rural Development (MARD).
The MARD said the companies will buy almost all of four million tons of summer-autumn paddy, or nearly 1.8 million tons of rice stocked in local farmers by the end of September, under the Prime Minister’s direction.
The ministry said the rice is sufficient for the companies’ exports by the year’s end.
The VFA said Asian countries are still the biggest importers of Vietnamese rice, accounting for 61.58 per cent of total export revenues, while Africa country accounting for 17.13 per cent; American countries, 14.73 per cent; Middle East, 4.2 per cent; and EU, Australia, 2.36 per cent. (Vietnam Economic Times, Investment)
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