Vietnamese rice fetches higher prices

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Vietnamese rice has begun fetching sharply higher prices since mid August, reaching the same level as Thailand, the Vietnam Food Association said Thursday.

Five percent broken rice, Vietnam's highest quality variety, is now sold at around US$475 per ton, the association said at a meeting between government officials and exporters.

The price hike was the reason for lower-than-expected volumes in contracts signed over the past two weeks, at just 650,000 tons, the association said.

The food association said demand for Vietnamese rice on the world market was still high. It said the country may export a total 7.2 million tons of the grain this year, higher than the initial target of 6 million tons. Exporters have signed contracts to ship 5.05 tons so far.

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