Vietnam: Vietnam cuts 2016 rice export forecast to 4.75 mln tons: newspaper

• Aug 15, 2016

Vietnam: Vietnam cuts 2016 rice export forecast to 4.75 mln tons: newspaper

Monday, 15 August 2016 – Vietnam’s rice exports could fall 27 percent in 2016 from last year to 4.75 million tonnes, the lowest since 2008, due to less overseas demand and rising supplies from Thailand, a local newspaper said on Monday.
It cited the Vietnam Food Association as revising down its forecast for the second time this year, from 5.7 million tonnes as projected in June.
A lack of demand from key markets in Asia and Africa, along with Thailand’s sales from state stockpiles would drive the fall, the Vietnam Economic Times newspaper quoted an official at the Ho Chi Minh City-based association.
Officials at the association could not be reached for comments.
“Buyers will pay attention to Vietnamese rice only if prices fall significantly, while the adjustment of the annual export forecast does not raise any interest,” said a trader at a foreign firm in Ho Chi Minh City. Read More?