Vietnam’s rice export prices jump to over one year high.
Vietnam's rice export prices surged to a more than one-year high this week on strong demand from the Philippines and Malaysia, while rates for the Indian variety held steady at an over four-month peak. Rates for Vietnam's benchmark 5% broken rice jumped to $380 a tonne. Last week, prices hovered between $355 and $360 a tonne. We have received more orders from the Philippines and Malaysia recently, while supplies remain low as the winter-spring harvest has not yet peaked. Earlier this week, the Vietnam Food Association's vice chairman, Do Ha Nam, said the coronavirus epidemic in China had no impact on shipments of Vietnamese rice to China. Vietnam expects to export 6.75 million tonnes of rice this year, up 6% from last year. Prices of Vietnamese rice have room to even increase further as they remain significantly lower than in other rice-producing countries. Subdued demand from Benin and South Africa is keeping the volumes low.