Vietnam will sell 240,000 tons of five-percent-broken rice to Malaysia, local media reported Tuesday.
The rice will begin arriving in April, according to Lam Anh Tuan, director of Thinh Phat Company.
The firm, based in the Mekong Delta province of Ben Tre, is one of many that will help fill the contract.
Tuan told Thoi Bao Kinh Te Saigon Online that the recent deal would prove more lucrative than prior foreign contracts, but declined to disclose specific numbers.
Oryza, an international journal on rice science, cited unidentified Vietnamese exporters as estimating that the deal was struck at around US$385 per ton.
Vietnam’s five-percent broken rice price hit roughly $360 per ton toward the end of last week, compared to $405 per ton being paid for Thai rice, $400 per ton being paid for Indian rice, $415 per ton for Burmese rice, and $360 per ton for Pakistani rice, according to Oryza.
Traders in the Mekong Delta said the deal was unlikely to help increase the price of Vietnamese rice given how small the deal is and that it is expected to take eight months to complete.
Malaysia ranked as Vietnam's third-biggest rice buyer in 2014 after China and the Philippines.
The nation bought 470,000 tons of Vietnamese rice last year.