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Vietnam Government holds back signing new rice export contracts

Xuan Thinh Wednesday | 03/25/2020 17:11

Photo: agro.gov.vn

Vietnamese Prime Minister Nguyen Xuan Phuc has instructed ministries to temporarily halts new rice contracts and carry out the inspection, evaluation of supply and the current rice export situation.

Prime Minister Phuc assigned the Ministry of Industry and Trade to coordinate with relevant ministries to work with localities and enterprises for evaluating the supply of rice, the situation of rice export, submitting a report to the government before March 28 for final decision.

The government chief asked the Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development and the Ministry of Finance to be responsible for ensuring rice supply to the people in the country in the context of climate change and disease.

Earlier, the government ordered to suspend rice export for food security amid coronavirus pressure, while the Ministry of Industry and Trade sought the government’s approval to continue the exports since the supply and rice volume in the country has not been estimated.

The current paddy price in Mekong Delta has increased at from end-February, while farmers in the delta are expected to have a bumper crop, said the Ministry of Agriculture and Rural Development.

In the international market, Vietnam's rice price increased to a higher level due to strong demand from the Philippines and Malaysia, while India’s export decreased slightly from a four-month high.

Vietnam's 5% broken rice price reached a high of $380 each ton, up from $355 - $360 at the beginning of the month. Recently, exporters have received orders from the Philippines and Malaysia, while supplies are still low as the winter-spring harvest has not yet peaked.

► Vietnam's industry and trade ministry proposes to continue rice export amid coronavirus spread

► Vietnam temporarily halts rice exports from Mach 24 on pandemic fears

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