Government gets serious about rice exports

Rice exporters are required to have 50 percent of the grain they plan to export in stock before signing a contract under a new government policy meant to deter non-serious businesses and speculators, the Vietnam Food Association said.

Once the policy takes effect March 3, export contracts submitted to the VFA must contain additional information that they do now: about volume, quality, variety of rice, export price, and delivery and payment methods.

It also requires exporters to have infrastructure and storage and processing facilities.

Vietnam has shipped 400,000 tons of 15 percent broken rice to Indonesia so far this year, while the Philippines plans to buy 660,000 tons in the first quarter.

tuoitrenews, TBKTSG

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