Philippines buys 87,5000 tonnes of Vietnamese rice

NFA is working out plans to buy an extra 87,500 tonnes of rice from Vietnamese rice producers in April or May, reports Dow Jones on March 28.
Last week, NFA anticipated to buy 100,000 tonnes of rice from Vietnam, but winners of rice tenders now have decided to buy only 87,500 tonnes of Vietnamese rice, the remaining quantity of rice will be bought from Thailand. The price has not yet been disclosed, but possibly equivalent to the price of former rice purchases.
In early March, Philippines bought 350,000 tonnes of rice of Vietnam, at the CIF price of US$283.91 a tonne and 50,000 tonnes of rice of Thailand at the cost of US$293.47 a tonne. This quantity of rice will be delivered to Philippines prior to April.
Philippines has planned to import 1.1 million tonnes of rice this year, of which the country signed purchase contracts of one million tonnes of rice with Vietnam and Thailand.

 

Category: Business