Between now and the end of the year, the Philippines is to buy additional 700,000 tons of rice from Vietnam, a Vietnamese deputy minister was quoted as saying on Friday.
The imports would increase the Philippines’ total rice purchase from Vietnam to 2.2 million tons, Nong Thon Ngay Nay (Countryside Today) newspaper quoted Deputy Minister of Industry and Trade Nguyen Thanh Bien.
He did not tell the timeframe or price details.
Mr. Bien added that Vietnam could beat this year’s export target of 5.5 million to six million tons of rice, a record high. He said Vietnam had shipped 4.23 million tons of rice overseas between January and July, bringing home almost US$2 billion. The performance is 44% higher in quantity and 3% higher in revenue, compared with the same period last year, he added.
The Deputy Minister 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, and India.
The newspaper reported that Thailand resumed its rice exports on August 6, with a total of about 765,000 tons allowed by the Thai Ministry of Trade. Thailand expects to export 2.4-3 million tons of rice between now and the end of the year, the daily said.