PM approves plan to buy up rice surplus

The Prime Minister yesterday approved a plan to buy 500,000 tonnes of summer-autumn rice between July 10 and August 10 for temporary stock.

The Viet Nam Food Association (VFA) will offer the rice to food enterprises for purchasing.

The Ministry of Finance and State Bank of Viet Nam will provide capital for the sales.

In June, the Ministry of Agriculture and Rural Development (MARD) proposed that the Government permit food firms to buy one million tonnes of summer-autumn rice.

However, in a recent conference on rice exports, VFA said the Government should keep temporary stock of 500,000 tonnes of rice.

It added that rice trading firms should not have a large temporary stock but should increase trade promotion to speed up rice exports.

This year's summer-autumn crop is expected to provide 2.5 million tonnes of rice for domestic consumption and export.

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