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Vietnam expects to export 700,000 tons of rice to Philippines
Vietnam is expected to sell 700,000 tons of rice to the Philippines between now and the end of the year, a government minister was quoted as saying on Friday.
The imports would take to 2.2 million tons the total grain purchase from Vietnam by the Philippines, the world's largest rice importer, Deputy Minister of Industry and Trade Nguyen Thanh Bien told the Nong Thon Ngay Nay (Rural Today) newspaper, run by the Vietnam Farmers' Association.
Bien did not give exact time or price details but the quantity is well above market expectations after top export firm Vinafood 2 started talks last month to sell up to 500,000 tons to the Philippines.
He said rice prices could drop slightly in the second half of this year, partly due to large stocks in Thailand, the world's largest rice exporter.
Thai government rice stocks have risen to the equivalent of 7 million tons of milled rice, the highest ever, which could add to the downward pressure on prices, a senior official and exporters said on Thursday.
A deal with the Philippines will help stop domestic prices from falling in Vietnam, where the harvest of a huge crop in the Mekong Delta has been peaking, traders said. The harvest is expected to end next month before seasonal floods arrive.
The sale could also help put Vietnam on track to achieve a record export volume this year of up to 7 million tons as expected by the government.
The Philippines bought 1.5 million tons of Vietnamese rice in January, bringing calm to a market which last year saw rice prices shoot to record levels.
thanhnien, reuters
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