Thailand, Vietnam rice price hike plan 'impossible' — industry official

30/5/2022 11:49:00 AM

Thailand, Vietnam rice price hike plan 'impossible' — industry official - Reuters

Thailand, Vietnam rice price hike plan 'impossible' — industry official - Reuters

BANGKOK (May 30): A pact between Thailand and Vietnam to raise rice prices would be 'impossible', a top Thai industry official said on Monday, in another sign of opposition to a government-proposed plan for a rice cartel amid a global food crisis.Thailand's government said on Friday it planned with Vietnam to create a pact between the world's second- and third-largest rice exporters to boost their bargaining power and help mitigate rising production costs.Vietnam has yet to confirm such a

A BANGKOK (May 30): A pact between Thailand and Vietnam to raise rice prices would be"impossible", a top Thai industry official said on Monday, in another sign of opposition to a government-proposed plan for a rice cartel amid a global food crisis.Free market Johor coordinator Zaharah Raishan Mohd Yassin said she had to cut down the number of goods she provided to the underprivileged by about 25% to 30% due to the hike in the price of goods.for the latest news you need to know.for the latest news you need to know.

Thailand's government said on Friday it planned with Vietnam to create a pact between the world's second- and third-largest rice exporters to boost their bargaining power and help mitigate rising production costs.Vietnam has yet to confirm such a plan was being discussed.“However, with the increase in the price of goods, we can no longer provide the same amount of such items to those in need,” she told The Star.Chookiat Ophaswongse, honorary president of Thailand's Rice Exporters Association, said his body had not been consulted, and the idea was poorly thought out.“Apart from cattle, Risda and Felcra (Federal Land Consolidation and Rehabilitation Authority) are discussing collaboration in poultry farming."Thailand and Vietnam are not the largest exporters, combined it's less than India and would have buyers turn to competitors," Chookiat told Reuters, adding rice cannot be stored for long enough while awaiting a climb in price.“We can no longer get supplies of chicken, eggs and flour, and even if we could, the prices are too expensive for us to afford,” Zaharah Raishan said."Politicians don't understand the rice market and did not discuss this with the association," he said.The reinforced glass used for the bridge has three layers, each 40mm thick, and can hold up to 450 people at a time, according to a statement from the facility’s owner.

His comments are similar to those of the head of Vietnam's food association, who last week said raising prices at a time of global food uncertainty would be unreasonable.“We can see that the increasing cost of living has made it more difficult for people to get by.Meanwhile, Mahdzir said that about 82,000 kilogrammes of maize for livestock feed are expected to be harvested this July.The agriculture ministries of Thailand and Vietnam did not immediately respond to Reuters requests for comment on Monday.Cartel 'unlikely' Top rice exporter India accounts for about 40% of global supply and its prices hit a five-year low last week on a weaker Indian rupee and abundant supply among top exporting countries.“We are able to attend to these calls at the moment.Officials said last week India had no plans to limit exports.Mahdzir said that the programme targets to produce 600,000 metric tonnes of maize for animal feed in the next 10 years.India's 5% broken white rice is at least US$50 per tonne cheaper than that of Vietnam and US$100 cheaper than Thailand's, dealers said on Monday.He said at least 40 families were receiving about RM150 worth of basic needs from his NGO on a monthly basis.The World Record Association, also a record-certifying body, has listed the two-part Vietnamese bridge as the world’s longest at 632 metres.

Vietnam has in recent years imported some Indian rice for use in beer and animal feed."Price mechanisms will not work without India's participation.Insane Kasih (I-Kasih) head Zuraini Tahir said that NGOs were also receiving fewer donations, both in cash and in kind, from the public as many were also affected by the price hike.“We will manage this livestock farm to produce healthier, halal and hygienic chicken for the people’s needs at an affordable price; it will also involve farmers and smallholders with their planting activities,” he said, adding that the project will begin this year.Indian rice is already far cheaper..We have reduced such assistance significantly, by about 60% to 70%,” he added..He said Risda also provided an abattoir in Semenyih, and other facilities to distribute sacrificial meat through local courier companies.

If others raise prices, then it is natural for buyers to shift towards India," said a Mumbai-based dealer with a global trading house.“We have been receiving fewer donations lately and as such, we need to be very mindful in our spending to ensure that we can still help as many people as possible.The dealer said Vietnam and Thailand had lost market share and would need to lower prices to regain it.A rice trader based in Ho Chi Minh City said a cartel was unlikely with"too many different views on this issue" and because neither country was the top exporter.Article type: free."If India curbs exports, prices will rise without Thailand and Vietnam having to form a cartel," the trader said.Vietnam and Thailand account for roughly 10% of global production of rough rice, and about 26% of global exports, according to the US Department of Agriculture.

One of the biggest losers from a cartel would be the world's second-biggest rice importer, the Philippines, a big buyer of Thai and Vietnamese rice.The Philippines' record paddy output last year of 20 million tonnes was insufficient to feed its 110 million people.Its agriculture department spokesperson Noel Reyes on Monday expressed confidence that technology can help production reach new highs and in"a more cost-effective manner" than Vietnam and Thailand.Subscribe to Mid-day email alert We deliver news to your inbox daily.

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