Vietnam Rice Export Prices Rising as Philippines Boosts Import

Export prices of Vietnamese rice rose to US$409/ton from US$400/ton of 5% broken rice, the highest prices since July after the Philippines’ government announced to import more rice.

 

Online financial website cafef.vn reported that the Philippines’ National Food Authority Monday issued an invitation to supplies of 250,000 tons of 25% broken rice at an Oct. 30 tender to ensure food security which is threatened by the two recent typhoons, raising the country’s total rice import volume in 2009 to 1.9 million tons.

 

The Vietnam Food Association confirmed that Vietnamese companies are working very hard to win a bid to provide rice for Philippines.

 

The Philippines plans to import about 2.5 million tons of rice the next year, most of which will be low-quality rice. The Philippines is in negotiations with Vietnam for rice imports.

 

The Philippines boosting import of rice gives a chance for Thailand and Vietnam to sell rice with higher prices. (Cafef)