Vietnam Raises Rice Prices on Global Soaring Demand
The Vietnam Food Association has announced to raise export floor prices of rice by between US$35 and US$65 a ton from this month, given the global soaring demand.
Vietnamese companies will export their rice for US$480 a ton of 25% broken rice and US$540 a ton of 5% broken rice, rising from US$445 and US$475 a ton, respectively, from the previous hike.
This is the fourth increase set by the VFA in the recent month with a total rise hitting US$70 a ton.
Vietnam’s rice exports reached records in both volume and value at 6.2 million tons and US$2.65 billion in the first eleven months of this year, the VFA said.
Local companies have signed contracts for the export of seven million tons so far this year, of which 6.5 million tons will be delivered in 2010, the association added.
The U.S. Rice Producers Association has recently predicted that export prices of Vietnamese rice will surge to US$550 a ton early next year due to growing demand from the Philippines, Indonesia and African countries. (HCM City Law)
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