The Vietnam Food Association, VFA, asked local businesses to stop lowering rice prices in international markets saying it is hurting the country’s exports.
According to Vietnam's Food Association’s Deputy Chairman Nguyen Tho Tri, low prices offered by the association’s members were causing difficulties for others in dealing with importers and leading to serious effects on inter-governmental relations.
The ceiling prices that exporters should not sell under were US$400-430 PMT but many local businesses including association members were offering lower prices, Tri said.
Rice prices in the domestic market have fallen to below VND3,800 ($0.22) a kilogram from VND4,000 ($0.23) a kilogram.
Vietnam, the world’s second-biggest rice exporter, may boost shipments this year by as much as 49 % to 7 million MT on a bumper harvest.
By news desk
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