Vietnam has started buying rice from Indian market. The Asian country is buying Indian rice for the first time in decades. Vietnam, which is the third biggest exporter of rice in the world has buying rice from India as the price of rice in the local market has gone high. India is the biggest exporter of rice in the world.
The Indian traders had signed a contract to supply 70,000 tones of 100 per cent broken rice for January and February shipments at around $310 per tone on a free-on-board (FOB) basis. Vietnam’s 5 per cent broken rice is offered around $500-$505 per tone. But the price of rice in India is at $381-$387.
In the last year India exported a record 14 million tones of rice to other countries. .