Price of material rice up sharply

Prices of rice increased sharply over several weeks due to a surge in the world market's demand for rice , according to the Viet Nam Food Association (VFA).

Purchasing price of material rice last week jumped by VND250-300 per kilo to VND8,600-8,700 per kilo for five-per cent-broken rice, and to VND8,45-8,500 per kilo for 25-per cent-broken rice, against the previous week.

Price of finished rice also climbed by the same rate, VND300 per kilo to VND10,150 per kilo for five-per cent-broken rice, VND9,850-VND9,950 per kilo for 15-per cent-broken rice, and VND9,350-VND9,450 per kilo for 25-per cent broken rice.

The association said the increase of the domestic rice prices was due to a promotion of purchasing rice for previously signed export contracts of local rice exporters.

Meanwhile, there was a rumour among local rice traders that the increase in purchasing prices of rice was due to a speculation of rice to surge in export price with Thai rice in the near future.

vietnamnews

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