Vietnam has won a deal to export 60,000 tonnes of rice to the Philippines

India, Vietnam and Myanmar won the contract to export a total volume of 189,000 tonnes of rice, which is much lower than its target, as suppliers offered prices higher than the country’s projected price.

Of the figure, Vietnam will ship 60,000 tonnes of rice at USD497.30 per tonne. Meanwhile, India will export 96,000 tonnes at prices of between from USD484.70 to USD485.70 per tonne and Myanmar with 33,000 tonnes at USD489.30 per tonne.

Vietnam has resumed the rice export since mid-April after a three-week suspension due to the Covid-19 pandemic.

According to the Ministry of Industry and Trade’s report, by late March, Vietnam’s rice inventory was quite large. Meanwhile, the country’s total paddy rice this year is forecasted to reach roughly 43.5 million tonnes, equal to the figure last year, despite drought and saline intrusion.

This year, the national paddy reserves would be 29.96 million tonnes, so, the remainder of 13.5 million tonnes of paddy, equivalent to 6.5-6.7 million tonnes of rice, could be used for export.