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Rice exports may increase to 4.6 million tons
Vietnam, the world’s second biggest rice exporter, may increase shipments to about 4.6 million tons this year, according to the Vietnam Food Association.
The country exported nearly 4.3 million tons of rice by December 5, the association said on its website Sunday.
Exports last year topped 4.5 million tons for a turnover of US$1.4 billion, according to the agriculture ministry.
State-owned Vietnam Southern Food Corp., one of the two main rice exporters in the country, has signed a contract to deliver 100,000 tons of rice this month to Malaysia, its biggest export order in the past two months, the Ho Chi Minh City-based association said.
Vietnam is facing a rice glut, lower prices and reduced earnings for farmers, after it restricted exports earlier this year amid fear of a possible shortage.
Prime Minister Nguyen Tan Dung said last month that Vietnam has 900,000 tons of rice in stock.
The central bank last month instructed the state-owned Bank for Agriculture and Rural Development (Agribank) to offer its credit at the lowest rate possible to help Vietnam Southern and Vietnam Northern Food Corp. buy 600,000 tons of rice from local farmers.
The government will pick up the interest tab, the State Bank of Vietnam said.
The move has helped push up the prices of paddy in the Mekong Delta by VND500 to VND2,900-3,600.
Farmers have delayed selling to wait for higher prices, the association said.
Agencies, thanhnien
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