Vietnam Rice exports total $2.5 billion

Viet Nam has exported 6 million tonnes of rice this year, worth US$2.5 billion, reported the Viet Nam Food Association (VFA). The association said the export price of Vietnamese rice within the last two weeks increased sharply by between US$5 and $20 per tonne to $450 per tonne for 25 per cent broken rice and to $495 per tonne for 5 per cent broken rice. Head of the Ministry of Agriculture and Rural Development's Plantation Department Nguyen Tri Ngoc said the demand for rice by the end of this year would increase sharply while global supply would decrease, so traders should sign export contracts soon to capitalise on the opportunity. Domestic and international rice experts said the supply might increase next year because the Indian Government would resume exporting large quantities of rice. Therefore, export prices for rice would decrease during the next year. The Government issued a decree detailing the conditions for export rice trading to improve the quality of export rice and management. Under Decree 109/2010/ND-CP, eligible rice traders must have legal trading certification, one warehouse to store at least 5,000 tonnes of rice, one rice mill that can process at least 10 tonnes of rice per hour and will have to follow additional standards that will be mandated by the Ministry of Agriculture and Rural Development. Professor Vo Tong Xuan, a rice expert, said the decree would help increase the value of Vietnamese rice and improve the product's reputation globally. The country expects to export 6.5 million tonnes of rice this year, reported the association.