HO CHI MINH CITY - -- The Vietnam Southern Food Corp. (Vinafood 2) has won a contract to export 100,000 tons of rice to the Philippines at the price of US$ 400 per ton.
It is expected this rice bulk will be shipped later this month, the Vietnam News Agency reported.
Vinafood 2 is hoping to secure another contract with the Philippines to supply 20,000 tons of rice, as the country plans to import 500,000 tons of rice this year.
In the past, the Philippines regularly imported rice from Vietnam under the two governments' agreements.
However, over the last two years the country has changed its policy on contracts and now allows the private sector to find trade partners themselves to get more competitive prices.
Vietnam exported 788,296 tons of rice in May, the highest monthly amount since January 2010.
Vietnam's rice exports in the first five months of this year have now reached 2.5 million tons.*