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Vietnam to sign export rice contracts with RP

Vietnamese rice exporters will sign export contracts with the Philippines for next year, the local newspaper Liberty Saigon reported today.

According to Vietnam’s Ministry of Agriculture and Rural Development, the proposed rice volume to be exported to the Philippines for 2010 will be 250,000 tons. The contract signing is expected to be at the end of this month, two months earlier than scheduled.

The Philippine move to intensify rice procurement to boost its stockpile and assure food security amid the recent calamities will make the price of Vietnamese white rice increase 25 percent in the international market, said local rice traders.