Vietnam cuts minimum export rice price by 2.5 pct

HANOI, June 25 (Reuters) - Vietnam has reduced the minimum export price to $780 per tonne of the 5-percent broken rice grade, an official from the Vietnam Food Association said on Wednesday.

"The new floor export price of $780 per tonne is effective from this week," the official said by telephone from Ho Chi Minh City, referring to the price on free-on-board (FOB) basis.

Last week the association told exporters they could only sign new contracts with minimum prices of $800 per tonne, FOB, after the government resumed Vietnam's rice exports. ($1=16,451 dong) (Reporting by Nguyen Nhat Lam; Editing by Lincoln Feast)