Rice sacks are stacked up at Long An Foof Company under the Vietnam Southern Food Corporation (Photo: VNA)

Hanoi (VNA) – Vietnam and Thailand have won a bid to supply 250,000 tonnes of rice for the Philippines at 424.85 USD per tonne, 0.15 USD lower than the set reference price of 425 USD.

The Philippines’ National Food Authority Council approved the awarding of contract under a Government-to Government (G-to G) Procurement Scheme in a special meeting on August 31, 2016, the National Food Authority (NFA) said on September 1.

Thailand will supply 100,000 tonnes, while Vina Foods II of Vietnam will provide the remaining 150,000 tonnes.

40 percent of the rice shipment is expected to be delivered by end of September while the remaining 60 percent is by end of October.

NFA has to beef-up its food security stocks to maintain the mandated 30-day inventory level during the lean months.

The G-to-G procurement scheme is covered by a Memorandum of Agreement (MOA) between the Philippines and the two countries.-VNA