Vietnam wins 7/12 rice export bids to the Indonesian market

The Indonesian National Logistics Agency (Bulog) announced the results of the July tender, involving 320,000 tons of 5% broken rice. Vietnam won 7 out of 12 bids, while Myanmar secured 3 rice lots.

Vietnamese enterprises won 7 out of a total of 12 bids, with a total tendered quantity of 185,000 tons.

Among the winning enterprises, the Northern Food Corporation (Vinafood 1) secured the largest portion with 4 lots, totalling 104,000 tons.

The remaining bids were won by three companies, each securing a lot of 27,000 tons: the Southern Food Corporation (Vinafood 2), the Gia International Joint Stock Company, and An Vi Import-Export Joint Stock Company. These companies utilized rice sourced from Vietnam.

Additionally, the Mekong Food Company of Vietnam won a tender for 27,000 tons using rice sourced from Myanmar.

According to Ssricenews, a rice market specialized website, in this tender, Vinafood 1 offered rice prices ranging from $ 567.5 to $ 577.5/ton, while Vinafood 2 offered prices from $ 579.5 to $ 598/ton. Thailand and Pakistani enterprises also participated but did not win due to their higher bid prices ranging from $ 584 to $ 592/ton.

Vietnamese and Myanmar enterprises won the tender at a uniform price of $ 563/ton. This price is similar to the price at which Vietnamese enterprises won the tender in May 2024.

Indonesia is projected to increase its rice import demand to 5.18 million tons in 2024, presenting a significant opportunity for Vietnamese rice exporters.

According to the Ministry of Agriculture and Rural Development, in the first seven months of 2024, Vietnam exported 5.18 million tons of rice, with an export value of $ 3.27 billion, representing a 25.1% increase in volume and a 5.8% increase in value compared to the same period last year.