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Monday, July 15, 2024

Vietnam secures bid to export 50,000 tons of rice to Indonesia

By Trung Chanh

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HCMC – A Vietnamese firm has successfully secured a bid to export 50,000 tons of 5% broken rice to Indonesia as this country wants to import 300,000 tons of rice.

Phat Tai Food Limited Company, based in Dong Thap Province, is the sole Vietnamese company to win the bid for 50,000 tons.

Indonesia’s Logistics Agency Bulog had previously invited companies from major rice-exporting countries, including Vietnam, Thailand, Pakistan and Cambodia, to submit tenders to supply 300,000 tons of 5% broken rice.

Le Phat Long, director of Phat Tai Food, said that the rice is sold at Cost-Insurance-Freight (CIF) prices ranging from US$640 to US$650 per ton. Shipments are expected to be delivered between September and the end of November 2023 to one of Indonesia’s 17 ports.

Long stated that the above export prices would ensure profitability for exporters, without providing further detailed information.

In the past eight months, Vietnam’s rice exports have reached six million tons, generating around US$3.16 billion in revenue, a 21.4% increase in volume and a 35.7% increase in value against the previous year. The Philippines and Indonesia are among Vietnam’s largest rice buyers.

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