The price of Vietnam ’s 5 percent broken rice saw an increase of 25 USD per tonne in November to fluctuate between 390 and 415 U SD, according to the Vietnam Food Association (VFA).

The association attributed the rise to higher domestic rice prices and the impact from a recently-signed contract to supply 500,000 tonnes to the Philippines .

Industry experts said export prices should remain at about 420 USD/tonne until the end of January 2014.

However, the average export price for the first 11 months of this year still showed a decrease of 14.53 USD compared to the same period last year.

The domestic price of rice has increased by 350 VND per kilogramme as the harvest of the Winter-Spring crop is over while exporters try to secure supply for the big contract with the Philippines . This led to Vietnam ’s price currently being higher than the world’s, and the highest among Asian suppliers.

From January to November 30, 2013 , Vietnam exported 6.143 million tonnes of rice worth 2.647 billion USD (FBO), down 13.37 percent in volume and 16.19 percent in value over the same period last year.

The country shipped a record 7.72 million tonnes of rice and earned 3.45 billion USD in 2012.-VNA