Thailand, Vietnam Sign Memorandum on Rice Price Stabilization

4:28:28 PM | 8/15/2006

The Vietnam food association (VAF) and Thailand rice export association has signed a memorandum on the stabilization of the exported rice ‘s price .Accordingly, both countries’ rice producers will meet every three months for discussions on changes in the price of rice so as to plan the production and export of rice.
 
The price of exported rice is rising. The current price of 5 per cent grain rice is between USD 260 and 270 a ton; the price of 25 per cent grain rice is between USD 250 and 255 a ton .It is calculated that from now to the end of the year domestic and exported rice prices will keep increasing due to high demand and shortage of supply affected by bad weather.

 According to Vietnam’s statistic bureau, the rice export of Vietnam from the beginning of this year till now has exceeded 3.34 million tons, earning 906 million USD.

The estimate shows that if the weather is favorable, Vietnam’s rice output this year will achieve about 38 or 39 million tons, up about 15 per cent-18 per cent compared to the same period last year and the rice export volume will exceed five million tons.