Vietnam exporters upbeat as Philippines set to import more rice

By Dam Tuan   October 12, 2016 | 01:00 am GMT+7

The increasing demand for the staple grain prompted the Philippines to buy more from regional suppliers.

The Philippines has allowed its businesses to import an extra 293,100 tons of rice from Vietnam to ensure food security in the between-crop period, according to the Vietnam Food Association (VFA).

The businesses are also permitted to buy a similar amount from Thailand, 50,000 tons from China, India and Pakistan as well as other countries.

The total volume is 805,200 tons and the delivery time is set as no later than February 28.

VFA Chairman Huynh The Nang said that this is an opportunity for Vietnamese exporters to boost sales.

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The Philippines will buy additional rice from Vietnam to meet its demand in 2017. Photo from doanhnghiepvn.vn

Previously, in late August 2016, Vietnam won a bid to supply 150,000 tons of the grain, mostly the 25 percent broken rice variety, to the Philippines with an offer of $424.85 per ton. The country beat out Thailand and Cambodia.

The Philippines annually imports about 1 million tons of the staple grain, or even higher, in order to bolster stockpiles that can be severely depleted in cases of adverse weather conditions and natural calamities.

The country is hit by an average of 20 typhoons each year. In 2010, the Southeast Asian country bought a record 2.45 million tons, according to data compiled by Thomson Reuters.

Vietnamese rice exports can be affected in the last three months of 2016 due to supply excess in the market. The country has shipped about six million tons, down 5 percent compared to the same period last year, according to VFA.

Related news

> Vietnam wins bid to supply 150,000 tons of rice to Philippines

> In Africa, Vietnam's rice exporters see a rising market

> Broken rice: The evolution of a classic Vietnamese dish

 
 
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