(VOV) - Vietnam exported 2.5 million tonnes of rice in the first five months of this year, earning more than US$1 billion, according to the Vietnam Food Association (VFA).

Low-grade rice exports likely to fall this year

Philippines imports 100,000 tonnes of Vietnamese rice

In May alone, nearly 790,000 tonnes of rice was shipped abroad, the largest volume since January 2010.

However, the VFA says, the export price of Vietnamese rice has dropped significantly in recent months.

VFA Deputy Chairman Pham Van Bay attributes the steep decline to a sudden increase in the supply of rice from other Asian countries, including Thailand.

The Thai government is currently negotiating trading rice with Indonesia and Bangladesh – two major importers of Vietnamese rice, Bay adds.

However, he says, Vietnamese rice exporters will maintain their secure foothold in these markets as the price of five-percent broken rice from Thailand is always higher than that from Vietnam.

The VFA will announce the price of rice for the 2012 summer-autumn crop soon and make plans for its allocation and consumption.