If Vietnamese rice exporters win the bidding, they will have to deliver products this August and September.
This is a good opportunity for domestic businesses to buy more rice from farmers at higher prices and boost rice exports.
According to the Vietnam Food Association, since May domestic businesses have signed contracts to export 880,000 tons of rice, 770,000 tons of which will be shipped in August.
Rice exports reached 413,000 tons valuing at US$182 million in June, bringing the total exports in the first half of this year to 2.8 million tons worth US$1.2 billion, up 6.3% in volume and 4.9% in value against the same period last year.
China remained the biggest consumer of Vietnam rice with 46.5% of market shares in the first five months of this year.