Local rice exporters have offered a higher export price due to price rise in the domestic market, thereby losing the advantage in the competitive world market, said experts.
By March 15, Vietnam exported 1.1 million tonnes of rice (Source:VNA)
Hanoi (VNA) – Local rice exporters have offered a higher export price due to price rise in the domestic market, thereby losing the advantage in the competitive world market, said expertsꦦ.
Vietnam’s rice exporters have increased prices between 380 USD and 390 USD per tonne of 5 percent broken rice, and between 365 USD and 375 USD per tonne of 25 percent broken rice, while rice exporters in other regional countries have retained their current prices.
Nguyen Van Don, Director of Vietnam Ltd Company in Tien Giang province, said rice prices on the domestic market had been raised at frequent intervals recently because of the impact of El Nino to the Cuu Long (Mekong) River Delta region and the increased demand for rice in border regions, Vietnamplus reported.
As rice prices increased in the domestic market, the enterprises hiked the offer price for export rice by between 5 USD and 10 USD per tonne to between 365 USD and 390 USD, but the prices were 10 USD to 20 USD higher than the acceptable buying price, and between 10 USD and 15 USD more than the export price of Thai rice, he said.
Huynh The Nang, Chairman of Vietnam Food Association (VFA), said Vietnam’s rice export prices were much higher than average export price on the world market so Vietnamese rice has lost its sheen.
Now, as the price is rising, rice exporters will find it more difficult to sign contracts with high volumes, according to some exporters.
So, most exporters have purchased rice from the market to fulfil contracts that they signed before domestic prices increased. Some rice exporters could face losses because they signed contracts when prices were increasing in the domestic market, the association said.
By March 15, Vietnam exported 1.1 million tonnes of rice, earning 475 million USD doubling volume and value against the same period last year, the association said.
The VFA anticipates that exports would reach 1.3 million tonnes in the first quarter, 56 percent up from the same period last year.-VNA
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By March 15, Vietnam exported 1.1 million tonnes of rice (Source:VNA)
