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Vietnam firm wins bid to ship 60,000 tons of high-quality rice to South Korea
Ngoc Thuy 09:28, 2018/07/14
This is the first time a Vietnamese private enterprise won an entire 60,000-ton Japonica rice contract for South Korea under the government - to - government procurement, stated the Vietnam Food Association (VFA).
Vietnam's Tan Long Group beat competitors from China, Thailand, and Australia to win a contract of supplying 60,000 tons of Japonica rice to South Korea, according to the VFA. 
 
Illustration photo.
Illustration photo.
The company also won a separate deal involving 2,800 tons of long grain white rice in previous biddings. 

Moreover, this is the first time a Vietnamese private enterprise was chosen among international competitors to win the entire 60,000-ton Japonica rice contract for South Korea under the government - to - government procurement. 

For the export price of US$700 per ton for Japonica rice, Tan Long Group is expected to rake in over US$40 million from this deal. 

Under the contract agreement, Tan Long Group is scheduled to deliver 60,000 tons of Japonica rice to South Korea by September 15 at the latest. 

Vietnam's rice export in the first six months totaled 3.57 million tons worth US$1.81 billion, increasing 42% in value and 25% in volume compared to the same period of last year, according to the Ministry of Agriculture and Rural Development. 

Meanwhile, China continued to be Vietnam's largest rice import market, accounting for 30% of the latter's total export volume, followed by Indonesia with 19%. 

In June, rice export prices of almost all major rice exporters saw a decline, however, Vietnam's 5% broken white rice averaged US$450 per ton, higher than the export price of similar rice product from India and Thailand. 

In 2018, Vietnam set the target of exporting 6.5 million tons of rice, Vice Minister of Agricultural and Rural Development Ha Cong Tuan told Vietnam News Agency.
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