MUMBAI/HANOI - Vietnam, the world’s third biggest exporter of rice, has started buying the grain from rival India for the first time in decades after local prices jumped to their highest in nine years amid limited domestic supplies, four industry officials told Reuters.
Indian traders have been contracted to export 70,000 tonnes of 100% broken rice for January and February shipments at around $310 per tonne on a free-on-board basis, the industry officials say. Vietnam’s 5% broken rice is offered around $500-$505 per tonne, significantly higher compared to Indian prices of $381-$387.
Vietnam announced last year it would stockpile 270,000 tonnes of rice to ensure food availability amid coronavirus-driven supply chain disruptions worldwide.
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