Viet Nam is taking part in an international auction being held today by Bangladesh on bids to import 50,000 tonnes of non-basmati parboiled rice. — Photo doanhnghiepvn.vn

Viet Nam is taking part in an international auction being held today by Bangladesh on bids to import 50,000 tonnes of non-basmati parboiled rice.

According to the tender, the imported rice would have to be shipped to Chittagong and Mongla ports within 40 days of the contract siganture. The rice has to have been harvested in the past year.

In May, Viet Nam and Bangladesh decided to extend a memorandum of understanding (MoU) on rice trade, allowing Viet Nam to sell up to 1 million tonnes of rice to Bangladesh each year until 2022.

After signing the deal, Bangladesh requested 300,000 tonnes of 5-per cent broken rice to reach its target of importing 500,000 tonnes by the end of 2017.

Bangladesh has a population of more than 170 million with a low supply capacity unequal to its high consuming power. The country often faces disasters and bad harvest while Viet Nam’s rice production industry is seeking more markets.Viet Nam sold more than 300,000 tonnes of rice to Bangladesh in 2011 and 2012.

According to the Ministry of Agriculture and Rural Development, Viet Nam’s rice exports in the first seven months of 2017 were estimated at 3.3 million tonnes and US$1.5 billion, up 15.7 per cent in volume and 13.7 per cent in value over the same period in 2016. — VNS