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Vietnam Business » Vietnam Import Export News » Philippines rice import delay wont hit Vietnam

Philippines rice import delay wont hit Vietnam

Huynh Minh Hue, secretary general of Vietnam Food Association (VFA), confirmed the delay, telling the Daily that it nevertheless "wont affect Vietnams target of shipping abroad over six million tons of rice this year".

The Philippines National Food Authority has just asked Vietnam to delay its rice shipments until September due to excessive rice stock in warehouses, across the country, but the delay does not seem to affect Vietnams rice export, a source said on Monday. Hue explained that due to this years record purchases, the Philippines National Food Authority has seen excessive rice stock at its warehouses, and thus has asked Vietnam Southern Food Corp. to delay delivery of some of its rice exports. Hue said that out of the total 1.6 million tons of rice contracted for delivery, only between 150,000 and 200,000 tons has not been shipped. Vietnam Southern Food Corp. is currently Vietnams biggest rice exporter and key rice supplier to the Philippines. The Philippines importer has requested the association to postpone the rice shipments contracted earlier this year by some two months to "resolve the excessive condition in its warehouse system." The Philippines is Vietnams biggest rice importer. So far this year, export to this market accounts for nearly half of Vietnams total rice export value of US$1.7 billion. As of end-July, Vietnamese exporters have signed contracts for shipping six million tons, a sharp rise of 20% year on year, owing to strong demand from other markets in Africa and Asia, including China emerging as a big importer. To ensure good prices, Vietnamese authorities have warned food traders against undercutting among themselves. Last week, the Ministry of Industry and Trade discussed with the VFA the need to bring out new regulations with an aim to impose strict punishment, even an export ban of up to two years, on any enterprises found to offer low rice prices to major markets including the Philippines, Cuba, and Iraq.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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