AsemconnectVietnam - Vietnam’s rice export is expected to increase in both quantity and price in the last months of 2014, especially after the Philippine’s government planned to buy additional 400,000 tonnes of rice to increase the national reserves after the impacts of the Rammasun storm and the increasing demand from China.

As recorded by the local Newswire Thoi Bao Kinh Te Saigon Online (Saigon Economic Times), the paddy and rice prices in the Mekong Delta continued to surge sharply recently thanks to increasing purchasing demand of enterprises.

According to Vietnam Food Association (VFA), till early July 2014, VFA’s members have signed contracts to export nearly 5.2 million tonnes of rice.

Also, as reported by VFA, till early July 2014, VFA’s members exported over three million tonnes of rice worth $1.3 billion (at FOB price, down 13.71 percent in quantity and 13.77 percent in value against the same period last year). The average export price reached $431.5 per tonne, down $0.31 per tonne (according to FOB price).

As of early July 2014, the rice inventories of VFA’s members were over one million tonnes, of which, North Food Corp (Vinafood)’s inventories were 114,500 tonnes, South Food Corp (Vinafood 2) at 281,570 tonnes and other members at over 621,000 tonnes.

According to some rice exporters in the Mekong Delta, Vietnam’s offering rice price continued to increase recently.

Accordingly, the 5 percent broken rice was offered at $430-440 per tonne and 25 percent broken rice at $385-395 per tonne, up $10 per tonne against the price offered in early this week.

Notably, Jasmine fragrant rice is being offered at $595-605 per tonne, up $20 per tonne from early this week.

Source: Intellasia