Vietnam wins bid for 800,000 tons of rice

On the afternoon of April 15, the Vietnam Food Association (VFA) won a bid to supply 800,000 tons of 15% broken rice to the Philippines. Delivery time will last from May to August.

The Philippine market temporarily helps reduce output pressure for Vietnamese rice - Photo: Diep Duc Minh

According to Reuters, Vietnam won the bid thanks to its low price. Specifically, the Northern Food Corporation (Vinafood 1) won the bid for 100,000 tons at a selling price of 436 USD/ton; the Southern Food Corporation (Vinafood 2) won the bid for 700,000 tons at a price of 436.50 - 441.25 USD/ton. Reuters also quoted a spokesman for the Philippine National Food Authority (NFA) as saying that the country may have to import more rice after the recent bidding.

According to experts, yesterday's rice auction in the Philippines is very important for our country's rice market. Currently, domestic rice prices are falling, output is limited, so winning the auction will reduce output pressure. Chairman of the Vietnam Food Association (VFA) Nguyen Hung Linh commented: "We won the auction thanks to a better price than our competitors. This will help keep domestic rice prices from falling further and possibly increasing. It is also beneficial for the summer-autumn crop because the delivery time is extended until August. However, we still have to wait for the NFA to announce the official results." Winning the auction at this time is extremely important for the domestic rice market because it has been a month since the policy of purchasing and temporarily storing one million tons of rice was implemented, and rice prices in the Mekong Delta are still continuing to fall.

A day before the auction, Mr. Tran Thanh Van, Deputy Director of Gentraco Joint Stock Company (Can Tho) expected: "If we win the bid, the price may increase a little due to the domestic market's re-absorption."

According to Thanh Nien