Despite a sharp increase in the volume of rice exports in the past two months, Viet Nam still has an adequate reserve of rice for export until the year-end.
Continuous increases in the prices of rice in the Mekong Delta over the past time have excited local farmers as they have driven up farmers’ profits to 30 percent of their production costs.
In the first eight months of this year, Vietnam’s rice exports rose to 4.773.342 tonnes, worth US$2.037 billion, and the purchasing power in August reached three times the ceiling price, the Vietnam Food Association (VFA) has reported.
Rice prices are expected to rise by 6-7 per cent in coming weeks, driven by a resumption in foreign demand ahead of year-end festivals and lower supply due to climate change, according to CP Intertrade chief operating officer Sumeth Laomoraphorn.