Vietnam Food Association (VFA) has set the target for rice export at 5.7 million tonnes this year, up 800,000 tonnes from 2016, amid rising global demand. Since May, the demand for rice in the global market had seen a significant rise, and sellers now had the upper hand. The current stockpiles of major rice exporting countries were not high, while rice import demands from countries such as the Philippines, Bangladesh and Indonesia were rising, Năng said, adding that the average export price had seen a rise of US$6-7 per tonne compared to the same period last year. Philippines planned to purchase 250,000 tonnes of rice in July and there was a high possibility that Việt Nam would be chosen. The Philippines was also considering importing another 544,000 tones by the beginning of September. Recently, Bangladesh and Vietnam also signed a memorandum of understanding on rice trade, in which Việt Nam can sell up to one million tonnes of rice to Bangladesh every year.