Industry insiders dismissed concerns that Vietnam could follow India to impose copycat curbs on rice exports.
for its rice after India – the world's biggest rice supplier – imposed export curbs last month.
A trader approached him just days after India's rice export curbs took effect and offered him a deal significantly higher than the usual market price. “Since India banned rice exports, rice prices here have skyrocketed. The price would go up every few hours, not just by the day,” said Mr Pham Phuoc Huu, chief production officer of rice exporter Hoang Minh Nhat Food.While the soaring prices are good news for farmers, rice traders are facing an uncertain – and even chaotic – time as demand outstrips supply.
Industry insiders hope the current market volatility will also prompt improvements to restructure Vietnam's rice industry, and create a more integrated and stable value chain. Rice is the most consumed staple food in the country, with each Vietnamese eating about 90 kilograms a year, according to official estimates.
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