Vietnam Buys Indian Rice For First Time in Decades as Stocks Drop, Local Prices Rise

New Delhi: Known as world’s third biggest exporter of rice, Vietnam has now started buying the grain from India for the first time in decades after local prices jumped to their highest in nine years. The development comes at a time when domestic supplies ran out of stock. Also Read - British PM Boris Johnson to Visit India as Scheduled, No Change in Plans so Far: Report

Vietnam buying rice from India signifies tightening supplies in Asia, which could rise rice prices in 2021 and even force traditional buyers of rice from Thailand and Vietnam to switch to India. Also Read - 20 More Cases of UK Mutant Strain in India, Total Tally Reaches 58

According to reports, Indian traders have been contracted to export 70,000 tonnes of 100% broken rice for January and February shipments at around $310 per tonne on a free-on-board (FOB) basis. Also Read - 2020 Was 8th Warmest Year Since 1901, Says Weather Department