Rice export floor price goes up

The Vietnam Food Association (VFA) raised the floor prices for rice exports on February 21, just one week after reducing them.

Five percent broken rice now sells for US$520 per tonne (up by US$20), while 25 percent broken rice stands at US$490 per tonne (Up US$10).

This adjustment came into effect on February 22 and applies to deliveries in February and March this year.

This is the fourth time the VFA has adjusted the floor prices of export rice since early 2011.

A director of a business under the VFA said the price adjustment aims to respond to supply and demand and domestic delivery capability. The decline of the Vietnam dong also helped increase the competitiveness of Vietnamese rice over its rivals Thailand and Pakistan.

According to traders in the southern province of An Giang, the price of rice will increase sharply by VND200-300 per kg in the next 3-4 days to VND5,800-6,000 per kg.

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