Thailand has sold 200,000 tonnes of rice to the Philippines in a government-to-government bidding contest, but Vietnam came out on top in the same auction and will deliver 300,000 tonnes of grain.

Commerce Minister Chatchai Sarikulya said on Tuesday the Philippines called the auction to buy 500,000 tonnes of new rice: 250,000 tonnes each of 15% broken and 25% broken white rice.

The Department of Foreign Trade offered to sell 100,000 tonnes in each category, and the Manila government agreed to the deal.

In the same contest, Vietnam - through Vietnam Southern Food Corp - won a deal to make up the remaining 300,000 tonnes.

Gen Chatchai said the deal was useful because the Philippine government set delivery for March and April, so Thailand could export a lot of rice in a short period.

Thailand won its first G2G rice export deal with the Philippines last year, after deacdes of trying. The deal sealed late last month is only the second.

The commerce minister also said many countries expressed an interest in ordering Thai rice from the government and the private sector, and that was a good sign for the release of both new and old rice stocks.

Source: Bangkok Post