HANOI: Vietnam has cut the export price floor for the 25 percent broken rice by 2.9 percent to $340 a tonne, an industry body said, after the country submitted the lowest price in a rice tender in the Philippines.
The new floor came into effect on Monday, the Vietnam Food Association said in a statement seen by Reuters.
The Philippines agreed to buy 150,000 tonnes from Vietnam in a tender on Friday and could import additional volumes to avert a potential spike in prices of the staple if adverse weather threatens the local crop.
Vietnam, the world’s third-largest rice exporter after India and Thailand, had raised the price floor to $350 a tonne on June 1 before the tender.
