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Rice Giant Thailand Wants to Coordinate Price Hikes With Vietnam

  • Thai premier says joint efforts can lift prices, help growers
  • Rice trade already faces risk of a potential Indian export ban
Rice grain during harvesting in Saraburi Province, Thailand.
Rice grain during harvesting in Saraburi Province, Thailand.Photographer: Andre Malerba/Bloomberg
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Thailand and Vietnam should jointly raise rice prices to boost their bargaining power in the global market, according to Thai premier Prayuth Chan-Ocha, a move that threatens higher food costs for consumers worldwide. 

Such a step will benefit millions of rice farmers in the two countries who have struggled with rising costs while prices of the grain have remained subdued, Prayuth’s spokesman Thanakorn Wangboonkongchana said in a statement. Vietnam’s Deputy Agriculture and Rural Development Minister Tran Thanh Nam met with Thai officials Thursday to discuss a framework for cooperation.