Deals with the Philippines put rice exports in healthy position.
The Vietnam Food Association (VFA) has announced that as at June 11 Vietnam had exported 2.123 million tons of rice with a CIF (Cost, Insurance, and Freight) value of $918.667 million.
According to experts the increasing demand for rice imports by the Philippines will support export prices, which have been continuously declining in Asia, including in Vietnam.
Earlier this year the Philippines imported 300,000 tons of rice from Vietnam and 200,000 tons from Thailand. Most recently, Vietnam won a bid for 150,000 tons of rice exports to the Philippines in a tender that opened on June 5 after agreeing to cut its price, with an agreement signed with the National Food Authority (NFA) of the Philippines.
The NFA also said that it is planning to import a further 250,000 tons of rice after the Philippines Statistics Authority (PSA) forecast rice output in the second quarter would fall by 4.3 per cent, down to 3.898 million tons against 4.073 million tons in the previous quarter.
Thailand, Vietnam and Cambodia, who have bilateral agreements with the Philippines, will be invited to participate in G2G (Government-to-Government) negotiations this week over rice exports to the Philippines.