Natural disasters drive up rice prices
Vietnamese rice may hold an advantage
on the domestic and world market due to urgent demand for the grain and
widespread natural disasters.
Vietnamese rice may hold an advantage
on the domestic and world market due to urgent demand for the grain and
widespread natural disasters.
Storm and floods in the centre and a forecast drought in the north pushed the current price of rice up on the domestic market compared to last month. However, rice traders believe the price will increase further but rampant rice price speculation in unlikely.
The average rice price is 4,800-5,200 VND (0.26-0.29 USD) per kilo at present, 1,000 VND per kilo higher than in early October, according to the Vietnam Food Association.
The association said traders attempting to buy rice for export were facing difficulties as although rice prices were good, farmers had little extra for sale.
Meanwhile, export prices for Vietnamese rice also jumped on the world market due to increased demand from rice importing countries.
The price of rice on the domestic and world markets id expected to continue the increase, according to the Ministry of Agriculture and Rural Development.
The association said Vietnam signed contracts to export 6.7 million tonnes of rice until the beginning of next year. So far, the country has delivered 5.5 million tonnes of its contracted amounts, earning 13 billion USD.
Vietnam is likely to export 6.2 million tonnes of rice for this year, the highest volume in the last 20 years./.
Storm and floods in the centre and a forecast drought in the north pushed the current price of rice up on the domestic market compared to last month. However, rice traders believe the price will increase further but rampant rice price speculation in unlikely.
The average rice price is 4,800-5,200 VND (0.26-0.29 USD) per kilo at present, 1,000 VND per kilo higher than in early October, according to the Vietnam Food Association.
The association said traders attempting to buy rice for export were facing difficulties as although rice prices were good, farmers had little extra for sale.
Meanwhile, export prices for Vietnamese rice also jumped on the world market due to increased demand from rice importing countries.
The price of rice on the domestic and world markets id expected to continue the increase, according to the Ministry of Agriculture and Rural Development.
The association said Vietnam signed contracts to export 6.7 million tonnes of rice until the beginning of next year. So far, the country has delivered 5.5 million tonnes of its contracted amounts, earning 13 billion USD.
Vietnam is likely to export 6.2 million tonnes of rice for this year, the highest volume in the last 20 years./.