The Vietnam Food Association (VFA) announced last week that 5 percent broken rice will have to be sold at a minimum of 540 USD a tonne instead of the earlier 475 USD, and 25 percent broken rice at 485 USD instead of 445 USD.
It is the sixth hike it has made since August.
According to the UN’s Food and Agriculture Organisation, global output of the grain this year will be just 697.9 million tonnes nearly 6.5 percent lower than forecast, due to unfavourable weather.
The prices of Thai rice, a favourite in the Asian region, have risen by 20 percent since July.
The VFA said the higher floor prices are aimed at limiting contracts for immediate delivery to preclude a surge in domestic prices.
By November end, exports has already reached 6.11 million tonnes, or more than the volume exported in the whole of last year, it added./.
It is the sixth hike it has made since August.
According to the UN’s Food and Agriculture Organisation, global output of the grain this year will be just 697.9 million tonnes nearly 6.5 percent lower than forecast, due to unfavourable weather.
The prices of Thai rice, a favourite in the Asian region, have risen by 20 percent since July.
The VFA said the higher floor prices are aimed at limiting contracts for immediate delivery to preclude a surge in domestic prices.
By November end, exports has already reached 6.11 million tonnes, or more than the volume exported in the whole of last year, it added./.
