Local food companies expect to export around 2.1 million tonnes of rice in the second quarter of this year, according to the Vietnam Food Association (VFA).
Workers load rice packages on a ship for export to Malaysia. (Photo: Duc Thanh)
The VFA said demand on the world rice market remains unstable, driving down the short-term prices for the staple.
At present, Vietnamese exporters are still finalizing contracts to export 800,000 tonnes of rice to the Philippines. Yet, 25 percent of the package has been sold through foreign intermediaries at relatively low prices.
Pham Van Bay, VFA Vice President said local exporters are now facing more competitive contestants – Myanmar and Pakistan--which offer rice at lower prices.
Therefore, he said, the VFA will provide flexible guidance to farmers and companies in order to increase their exports to the world in the coming time.
The VFA advised farmers not to hastily sell off their stores, confirming that the second state acquisition of rice, 500,000 tonnes, will be conducted at the unchanged price level of 4,000 VND (over 0.2 USD) per kg of unhusked rice.