Vietnam cuts rice export floor price to $360 per tonne

HANOI: Vietnam has lowered its floor price for exports of 25 percent broken rice by 5.3 percent to $360 a tonne amid thin demand for the commodity in the world's second-largest exporter.

The floor, set by the Vietnam Food Association, will come into effect on Jan. 12, according to a statement from the association to traders seen by Reuters on Friday.

The previous floor for the grade was set at $380 a tonne in late November.

The agriculture ministry said last month that Vietnam's rice exports in 2014 were expected to have dipped slightly to an estimated 6.53 million tonnes, putting the Southeast Asian country far behind top exporters Thailand and India.