Vietnam rice price update

The Vietnam Food Association (VFA) lowered their Minimum Export Price (MEP) to $400 per ton FOB basis for 5 percent broken rice last week. Rice price offers, however, were almost unchanged against the previous MEP, because exporters expect increased demand from the Middle East and African countries. These countries, however, are still waiting for export prices to decrease. Paddy prices were increasing at the end of last week, after the VFA announced another rice purchase program of 500,000 tons, following the first one million tons of rice purchased under the government’s program in early March, to stabilize local paddy prices.