Rice prices soar on rising global demand.

  The export prices of 5% broken rice rose 35% year-on-year in late July, tracking a surge in domestic retail prices. According to Vietnamese media reports, On July 27, the price of Vietnamese rice increased to $558 per tonne and that of Thai rice to $603. Vietnamese 5% broken rice could rise further to $600 next month, experts predicted. Nguyen Nhu Cuong, director of the Department of Crop Production, said it could go up to $1,000 in the near future. China, the Philippines, and Indonesia are stepping up imports of Vietnamese rice. A week after India banned the export of non-basmati white rice, rice prices in Vietnam increased sharply.