Vietnam Seeking Higher Volume Contracts

According to reports in the local media, the Vietnamese government has asked the country's top rice exporters and the industry body, Vietnam Food Association, VFA, to pursue high-volume contracts in order to boost rice exports.

Earlier last month, a state-run newspaper reported the Agriculture Ministry set a preliminary export target for 2010 at 5.5 million MT. Last year Vietnam shipped a record 6 million MT, accounting for 15 % of global rice trade.

Rice is Vietnam's largest cash earner among agricultural products. Major export contracts, such as those with the Philippines in 2009 having a price of around $500 PMT had helped support Vietnam’s export and domestic market prices.