Vietnam has recently signed contracts to sell as much as 120,000 tonnes of rice to the Philippines, helping push up its prices by 10 percent, according to Business World Online.

Jump in Vietnamese rice prices in recent weeks is also due to demand from China, Vietnam’s biggest rice importer, traders said.

Statistics from the Vietnamese Government show that China has bought 1.62 million tonnes of the grain from Vietnam in the first eight months of this year, up 3.2 percent compared to the same period in 2012.

This week, the Free on Board (FOB) price of 5-percent broken rice at Saigon port soared to 400-405 USD per tonne, 10 percent higher than earlier this month.

However, higher export prices could mean loss of new deals to rivals such as Thailand and Pakistan, the website warns.-VNA