Vietnam has imported rice from India for the first time according to the Ministry of Agriculture and Rural Development.
Illustrative photo.
A report from the ministry said that in December 2020, Vietnam's 5% broken rice is traded at USD495-500 per tonne. This was the highest price that Vietnam had set in a decade and made Vietnamese rice the most valuable in the world.
Last year, Vietnam produced nearly 43 million tonnes of rice, and earned export revenues USD 3.1 billion, up 9.3% against 2019's figures.
Earlier, chairman of Indian Rice Producers Association, B.V.Krishna Rao, also told Reuters that this was the first time they had exported rice to Vietnam.
Several Indian economic experts said that the shortage in rice supply in Asia may drive prices up in 2021, and some traditional customers of Vietnamese and Thai rice may turn to India this year.
At present, Vietnam's 5% broken rice is introduced at between USD 500-505 per tonne compared to the prices of between USD 381-387 per tonne of Indian rice.
A company in Ho Chi Minh City said that they imported Indian rice for animal feed and beer production
