Vietnam Lowers Minimum Export Price

The Vietnamese government has lowered the minimum export price for rice yesterday as the Thai market fell another 3%, signaling improving supplies in coming months and easing concerns over shortages of Asia’s staple food.

Following on from its lifting of an export ban this month, Vietnam had cut its minimum price for shipments by 2.5% to US$780 PMT from last week’s US$800 due to slowing export demand, the Vietnam Food Association said.

Prices in Vietnam, world’s number two exporter behind Thailand, appear to be moving in close lock-step ahead of the harvest of an unusually large “extra” June–July crop planted to cash in on the soaring prices.