Malaysia is Vietnam’s traditional rice export destination. Vietnam’s state-owned rice export corporation VINAFOOD II got a contract of exporting 200,000 tons of 5% broken white rice to Malaysia this year at the rate of $410 per ton.
This is the biggest deal for Vietnam as it succeeded to fulfill the Philippines 800,000 tons rice import contract in April this year
Vinafood said it has signed a contract to export 200,000 tonnes of rice to Malaysia at 410 USD per tonne.The contract is to be deliver in the month of July and August this year. The deal is done profitably as the prices of 5 % broken white rice in April were $386 per ton and the deal is done at $410 per ton. The country exported 1.932 million tonnes rice in the period from January to mid-May, earning 845.38 million USD, according to data from the Vietnam Food Association (VFA).The VFA has lowered the 2014 rice export target to 6.2 million tonnes from the earlier target of 6.5 – 7 million tonnes due to heavy competition from India and Thailand .-VNA
Fortunately the country wins the deal. Deputy Prime Minister Hoang Trung Hai said Viet Nam would not suffer greatly from China’s recent decision to ban Chinese state companies from bidding on projects in Viet Nam.