Viet Nam to export rice to the Philippines
Viet Nam to export rice to the Philippines
Viet Nam has won a Filipino contract for the export of 450,000 tonnes of 25 per cent broken rice, Deputy Chairman of Vietnam Food Association Pham Van Bay said.
Bay said to Biz Hub that about 250,000 tonnes of rice would be shipped to the Philippines this year, with 125,000 tonnes in November and 125,000 tonnes in December. The remainder would be sent to the country early next year.
The price will be US$426.6 per tonne, $77 lower than the price given by the Philippines's National Food Authority (NFA).
The auction was organised by the NFA in Quezon City in the Philippines on September 17. The NFA decided to import a total of 750,000 tonnes of 25 per cent broken rice, with 250,000 tonnes for this year and 500,000 tonnes for 2016.
The decision comes in part due to the El Nino weather phenomenon that is predicted to worsen by October and last through spring till the end of May next year.
The Philippines's additional purchase of rice is predicted to increase the export rice price, which had fallen in recent months.
The Philippines is a major market of Vietnamese rice exporters. That country bought more than 500,000 tonnes of rice between January and July this year.
The Vietnam Food Association said Viet Nam exported 3.818 million tonnes of rice between January and August 31, at a free-on-board (FOB) value of $1.591 billion and with a cost, insurance, and freight (CIF) value of $1.641 billion.
