Vietnam Rice Prices Up Due to Higher Global Demand

Vietnam Rice Prices Up Due to Higher Global Demand

The prices of paddy rice in Mekong Delta region, Vietnam's largest rice growing area for export, have on March 16 raised up against this week by around VND50-100 a kilo to VND2,300-2,350 a kilo in Can Tho and An Giang, VND2,350-2,400 in Tien Giang and VND2,200-2,250 in Dong Thap.

“Prices of most exportable rice in the Mekong Delta region were changed little in the week as local traders sought to buy rice to fulfill their contracts,” rice traders in Ho Chi Minh City said. (US$1=VND15,770).

Meanwhile, Vietnam's rice export prices were mostly steady in the week ending March 16 on strong global demand, traders said. In Ho Chi Minh City and the Mekong Delta, traders were offering high-quality 5 per cent broken rice at US$266 a ton, up by US$2 a ton against last week, while 15 per cent and 25 per cent broken rice were at US$256 and US$252 a ton.

Vietnam, the world’s second largest rice exporter, has so far this year exported around 650,000 tons of rice, down 40 per cent on year, and the country is targeting to export up to 800,000 tons in the first quarter of this year. "We have signed export contracts for around 2 million tons in the first half," the trader said.

Currently, four vessels are waiting at Saigon Port for around 32,998 tons of rice totally, of which 22.67 tons of rice have been lifted on board, for delivery to several destinations around the world.

One vessel left Saigon port last week carrying 14,000 tons of 25 per cent broken rice for Cuba, one vessel left with 6,000 tons of 10 per cent broken for Russia and one vessel left with 7,700 tons of mixed rice for Africa, while seven vessels left carrying 45,700 tons of 25 per cent broken rice for the Philippines.

As of March 10, 2005, around 212,176 tons of rice has been shipped via Saigon Port, up 33 per cent on-year, and around 31,625 tons via northern and central ports, down by 51,2 per cent on-year.

VNA