VFA proposes rice export floor price to ensure stable supply

HCMC – The Vietnam Food Association (VFA) has recently recommended introducing a floor price for the export of rice from Vietnam to safeguard stable supply amidst a significant surge in rice prices globally. Since India imposed restrictions on white rice exports, world rice prices have substantially increased, causing extensive impact on global rice trade, local rice exporters, and rice prices, according to the VFA. Notably, international rice buyers had been actively seeking to procure rice from Vietnam, even offering to pay an extra US$10-25 per ton compared to prices prior to India’s export restrictions. As per the General Statistics Office, the total rice exports in the first eight months of the year reached six million tons valued at US$3.2 billion. With an annual rice export volume ranging from seven to eight million tons, Vietnam is the world’s third largest rice exporting country behinid India and Thailand.