Vietnam wins bid to export rice to Indonesian market

The Northern Food Corporation (Vinafood 1) and King Green Company were the two Vietnamese enterprises participating in the tender process.

King Green Company successfully won two lots with a total quantity of nearly 60,000 tonnes at US$548 per tonne.

Thailand was the winning bidder with the highest price of US$574 per tonne, while Pakistan was the winning bidder with the largest quantity at about 240,000 tonnes and a winning price range between US$555 and US$567.5 per tonne.

Currently, the amount of rice in stock by Vietnamese enterprises remains modest as it is the end of the summer-autumn rice crop.

Meanwhile, the price of rice in the world market is at a low level, according to the Vietnam Food Association.

Specifically, Vietnamese 5% broken rice is sold at US$565 per tonne, while that of Thailand and Pakistan is traded at US$560 per tonne and US$529 per tonne, respectively.

By the end of August, Vietnam exported more than 6.15 million tonnes of rice worth US$3.85 billion, up 5.8% in volume and 22% in value year on year.

The average export price of rice reached US$625 per tonne, up nearly 15% compared to the same period last year.