The Commerce Ministry is working to achieve a sale of 800,000 tons of rice to the Philippines on April 15th, saying the other main contender is Vietnam.

The Director General of the Department of Foreign Trade Surasak Riengkrua noted that the upcoming auction is open to any country, either in the form of governmental units or via the private sector, avoiding the need to sign a Memorandum of Agreement with the Phillipines administration. He said his department is forwarding the matter to the ministry to seek approval to join the auction.

According to a source in the Commerce Ministry, the Philippines wants to purchase 800,000 tons of 25% rice, citing the top contenders as Thailand, Vietnam, India, and Pakistan. Thailand's rice is priced at 350 US Dollars a ton, which is somewhat cheaper than Vietnam’s at 355 dollars and India’s at 365 dollars a ton.

The source’s analysis indicates that Vietnam is experiencing a rice oversupply, making the country the biggest rival of Thailand in selling the grain. It is of the opinion that the two competing countries could drive the price way below the standard price in order to secure a deal.

Source: National News Bureau & Public Relations