Vietnam Lowers 2011 Rice Export Target amid Thin Supply
Vietnam will lower its rice export target for 2011 to six million tons from expected 6.7 million tons in 2010, said Truong Thanh Phong, chairman of the Vietnam Food Association (VFA).
Phong made the forecast at a meeting in Ho Chi Minh City on Dec 8, citing thin supply amid unfavorable weather conditions and narrowed rice fields in the Mekong Delta region as major reason.
At the meeting, the chairman also urged local firms to offer export prices for 5%-broken rice not lower than $500 per ton to avoid possible losses.
The VFA has estimated that the country could earn $3.1 billion from exporting between 6.7 million tons and 6.75 million tons of rice in 2010.
In 2009, the country’s rice exports fell 25.4% on year to 5.947 million tons, prompting the revenues to decrease 8% at $2.662 billion. (Financial Times)
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