India’s 5 percent broken parboiled variety eased to $379-$384 per tonne this week from the $382-$387 range last week. "Demand is still weak due to higher prices," said an exporter based in Kakinada in the southern state of Andhra Pradesh, adding that despite the fall, prevailing high rates were prompting buyers to look at other markets, such as Vietnam. The Indian rupee hit a month low on Thursday, increasing exporters’ margins from overseas sales and thereby prompting a reduction in prices. Export prices in India had shot up after the central state of Chhattisgarh, a leading rice producer, raised minimum paddy buying prices to 2,500 rupees per 100 kg from 1,750 rupees. In neighboring Bangladesh, an increase in domestic rates for rice could prompt the government to cut the import duty on the staple grain, traders said. The south Asian country, which emerged as a major importer of the grain in 2017 after floods destroyed crops, imposed a 28 percent duty in June last year to … [Read more...] about India prices slip as demand lags; Vietnam awaits major harvest
Vietnam to indian currency
Vietnam-India Business Forum opens up new cooperation opportunities
Deputy Prime Minister Trinh Dinh Dung addresses the forum (Photo: VNA) Hanoi (VNA) – A Vietnam-India Business Forum took place in Hanoi on November 19, as part of Indian President Ram Nath Kovind’s State visit to Vietnam. The event was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI), the Indian Embassy in Vietnam, and the Indian Industries Association. Addressing the forum, Vietnam’s Deputy Prime Minister Trinh Dinh Dung stressed that this important forum offers a precious chance for the two business communities to review their cooperation results over the past 46 years, and seek new cooperation opportunities, thus helping boost and deepen the Vietnam-India comprehensive strategic partnership. Dung said the bilateral relations, founded by late President Ho Chi Minh and Prime Minister Jawaharlal Nehru and nurtured by generations of leaders and peoples, have developed sustainably. Political trust has been consolidated constantly through … [Read more...] about Vietnam-India Business Forum opens up new cooperation opportunities
Vietnam seeks ways to grow in face of US – China trade war: PM
The Hanoitimes - Vietnam will rely on internal strength and get things in order so the country can overcome any obstacles and maintain momentum and growth, according to Prime Minister Nguyen Xuan Phuc. "This trade war between the U.S. and China will surely affect Vietnam," the PM said in an interview with Bloomberg on September 10. "We are seeking new ways to grow," he added. "We want to maintain good relations with both the US and China." Illustrative photo. Trade currently amounts to about twice Vietnam's GDP - more than any country in Asia apart from Singapore, for which, the economy is particularly sensitive to disruptions in global supply chains. About a quarter of Vietnam's total trade is with China, which is facing potential tariffs on all of its exports to the US in an escalating trade war with President Donald Trump. Phuc said it's important for Vietnam to maintain macroeconomic stability, export growth and living standards for the country's 96 million people. … [Read more...] about Vietnam seeks ways to grow in face of US – China trade war: PM
Asia Rice: Dip in Indian rates on rupee weakness dulls Vietnam offers
Rates for India’s 5 percent broken parboiled rice fell by $3 per tonne to $389-$393 per tonne this week. “Rupee depreciation is allowing us to lower prices, but at the same time competitors are also lowering their quotes,” said an exporter based at Kakinada in the southern state of Andhra Pradesh. The Indian currency fell to a record low against the dollar on Thursday. Farmers in India had planted summer-sown paddy rice on 30.78 million hectares as of Aug 10, down 2.9 percent from a year ago due to scant rainfall. Monsoon rains in India are likely to be below-normal levels in 2018, a private weather forecaster said earlier this month, raising concerns over farm output and economic growth in Asia’s third-biggest economy, where half the farmland lacks irrigation. The falling rice prices in India also weighed on the market in Vietnam, the third largest exporter, but rates for the country’s 5 percent broken variety were unchanged at $395-$400 a tonne. … [Read more...] about Asia Rice: Dip in Indian rates on rupee weakness dulls Vietnam offers
VND to remain steady until year’s end
The VND is seen as one of the least depreciated currencies in the region, Photo: Le Toan FX on fire The daily fixing last Thursday set itself again to a record high of VND22,662 a dollar, adding VND13 a dollar on top of the previous day’s rate, before slightly cooling down to VND22,660 on Friday. Across local commercial banks, the FX rate was reported as edging up last Friday, following a sideways movement seen days before. Each dollar was sold at VND23,095-23,125 and bought at VND23,000-23,030 a dollar, with VND10-20 added on both the buy and sell sides. The upswing of the daily fixing and FX rates in the local market happened in response to the greenback gaining power against other major currencies, with the dollar index breaking the 95.00 figure last week. With the daily rate consistently trending upward in the past four weeks, investment advisory manager Phan Dung Khanh at Maybank Kim Eng Securities in Ho Chi Minh City said that the causes were attributed to several … [Read more...] about VND to remain steady until year’s end