Rice export targeted at 400,000 tonnes in Aug
06-AUG-2008 Intellasia | 04/Aug/2008 VNA | Nguoi Lao Dong
Aug 6, 2008 - 7:00:00 AM
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The global rice price in July suddenly declined sharply to US$600-700 a tonne, down by a half against the price between US$1,100-1,200 a tonne of April-May thanks to abundant supply because many countries increased the paddy plantation area to counter with the increasing food prices, reported Vietnam Food Association (VFA).
In the domestic market, the government recently decided the export tariff on 5% broken rice is 10% so rice exporters were forced to consider the price of rice consolidation.
This month, Vietnam will continue exporting about 400,000 tonnes of rice with the goal to reach US$3.5 million export turnover up to the end of third quarter of this year. At present, Vietnam's rice price for export is around US$620-630 a tonne.
Additionally, the association proposed prime minister and some relevant agencies about to remove rice export tariff or raise the taxed rice price for export to US$600-800 a tonne. Also rice exporters were proposed to be allowed to borrow foreign currencies instead of the dong to purchase paddy from growers. Currently, the dong lending rate is too high so each business has to pay additional US$12-15 million a tonne of rice.
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