Vietnamese rice prices have surged after India, the world's largest supplier, announced a ban on non-basmati white rice exports.
Prices of white rice such as OM18 and IR50401 have increased by 5 percent. Each tonne of exported white rice has grown by USD50 per tonne to USD580-590.
In the first five months of this year, Vietnamese rice export prices were roughly USD539 tonne, up 10.2 percent on-year.
According to Phan Mai Huong, co-founder of Singapore’s SSResource Media which runs SSRicenews.com website, some Vietnamese rice exporters have offered export prices of up to USD600 per tonne.
Meanwhile, many firms which have signed rice export contracts at lower prices earlier have not dared to buy rice at higher prices.
Vietnam is the world's third-largest rice exporter, just behind India and Thailand. Between January and June this year, Vietnam’s rice export reached 4.24 million tonnes, up 21.3 percent on-year.
The Philippines, China and Indonesia were the biggest importers of Vietnamese rice in the first half of this year.
Meanwhile, rice exports from many Asian countries, including Thailand, have dropped due to the impacts of the El Nino phenomenon.
Based on this situation, Vietnam’s goal to obtain a rice export value of USD4 billion is possible.
Vietnamese rice exporters benefit from India ban
Vietnamese rice prices have surged after India, the world's largest supplier, announced a ban on non-basmati white rice exports.
Source: dtinews.vn, NLD
