Vietnam sets new floor prices for rice

New floor prices set by the Vietnam Food Association (VFA) for rice exports have now gone into service, according to the Vietnam News on.

As a result, the minimum export price for 5% broken rice will rise to US$410 per tonne from the current rate of US$390, while 35% broken rice will be exported at a minimum of US$365 per tonne.

The VFA's hopes this move will encourage local rice exporters not to set lower prices. Undercutting is a real concern in the country, with its rice now being sold for between US$20 and US$30 less than rice from Pakistan and India.

According to the VFA, January’s rice export fell in both volume and value compared to the same period in 2012. Exporters shipped 404,095 tonnes of rice for a free-on-board value of US$183.4m, down by more than one-third in volume and value compared to the previous month. The average FOB price during the month was US$453.95 per tonne.

In January, the VFA’s members signed contracts to export 1.24m tonnes of rice, while delivery of a further 637,000 tonnes will be made this year upon contracts signed last year.

Vietnam exported just over 8m tonnes of rice in 2012, earning US$3.68bn, according to the Vietnam General Statistics Office.

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