Vietnamese rice prices in the Mekong Delta have crashed by about 25% in the past ten days mainly due to a standstill in export, which is attributed by traders to the illogical price regulation mechanism imposed by the Vietnamese food association.
Vietnamese food association currently sets the floor price for export contracts at US$600 PMT of 5% broken rice, which all exporters have to abide by, while the current price should be some US$520 PMT. Traders have harshly criticized the Vietnam Food Association (VFA), saying its price regulation mechanism has choked off exports.
The VFA, meanwhile, still defends in stance. "The floor price set out by VFA is flexible, not as complained by some rice-exporting enterprises to be preventively high and inflexible," said Huynh Minh Hue, acting general secretary of the association.
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