New record for Vietnamese rice’s price

12/12/2007 12:00 - 926 Views

According to the Center of Commercial Information, the closing price of Vietnamese rice on August 21st established a record: one ton of 5% broken rice costs 310 US dollars.

25% broken rice is also sold at 290 US dollars per ton. The rice price increased 35-44 US dollars per ton year on year.

In the domestic market, the rice price also stands high, average 3 million VND/ ton, equivalent to 188 USD/ton, said Chairman of Vietnam Food Association Truong Thanh Phong. In the Mekong delta the rice price keep stable in comparison with the previous week.

Economists forecast the rice price will continue to rise while the supply decreases. As estimated, Vietnam can achieve the target of 36 million tons of rice in 2007 but the output of cereals is only 8.7 million tons and the rice redundancy of farmers has left little because of low productivity caused by insects and unfavorable weather.

On the other hand, it is possible that there will be a shortage of 5 million tons rice for the world demand. These are factors blamed for pushing up the exporting rice price of Vietnam.

(According to TTXVN)
August 23, 2007

Source: vneconomy