Business News
Vietnam to stockpile 1 million tons of rice
Jul 1, 2010, 7:25 GMT
Hanoi - Vietnam, the world's second-largest rice exporter, plans to stockpile 1 million tons of rice to help sustain the market for paddy farmers, a senior government official said Thursday.
The plan, signed by Prime Minister Nguyen Tan Dung on Wednesday, directed the Vietnam Food Association to start buying rice from July 15 until November 11.
The government is to extend no-interest loans to companies buying the rice.
'The main purpose of this plan is to stabilize prices and help farmers make a profit of at least 30 per cent,' said Bui Ba Bong, deputy minister of Agriculture and Rural Development.
The plan would not affect Vietnam's forecast of exporting the same amount of rice as last year, officials said.
In 2009, Vietnam exported 6.05 million tons of rice for 2.46 billion dollars, second only to Thailand.
According to the agriculture ministry, rice exports in the first half of this year reached 3.6 million tons, earning revenues of 1.87 billion dollars.
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