U.S. rice mill in Vietnam

U.S. rice mill in Vietnam

HANOI (Reuter): U.S.-based American Rice Inc. and Vietnam's Central Food Cooperation 2 (Vinafood 2) will start up the first processing line of their US$10-million joint venture rice mill in January, a Vinafood official said.

The line will be capable of processing 150,000 tons of unbroken rice a year. A second line for processing instant rice will eventually be added, the official told Reuters, bringing the mill's eventual annual capacity to 260,000 tons.

American Rice has bought 75,000 tons of rice from Vinafood 2 since Washington lifted its trade embargo against Hanoi last February.

It holds a 55-percent stake in the mill and is responsible for the sale of its output, the official said.