Vietnam will put in a bid for contracts to export rice to the Philippines in June and July.
Experts say the world’s second largest rice exporter has a high possibility of winning the bid as it offers competitive prices compared to other countries in the region. However, the amount of rice remains unknown.
The Philippines has assigned its businesses to import an additional 500,000 tonnes from now until the end of this year.
Early this year, the Philippines signed contracts to purchase 1.5 million tonnes of rice from Vietnam at an average price of US$480-490/tonne.