Gov't holds back signing new rice export contracts

Prime Minister Nguyen Xuan Phuc asks for temporarily halting the signing of new rice export contracts.

Accordingly, the Ministry of Industry and Trade is tasked to coordinate with relevant ministries, localities and rice exporters to review and assess rice supply, exports and reserves.

The Ministry of Industry and Trade shall have to report the outcomes of evaluation to the Government chief prior to March 28 to consider and decide on neccessary adjustments to rice export activities.

PM Phuc also tasked the Ministry of Industry and Trade, Ministry of Agriculture and Rural Development and Ministry of Finance to be responsible for ensuring rice for people amid climate change and COVID-19 outbreak. 

Viet Nam is currently the third largest rice exporter in the world after India and Thailand. In 2019, Viet Nam exported 6.37 million tons of rice with total revenue of US$2.81 billion. 

In 2019, the Philippines was the biggest importer of Vietnamese rice with 2.1 million tons, followed by the Ivory Coast 580,000 tons, Malaysia 550,000 tons and China 477,000 tons.  

According to the report of the Ministry of Agriculture and Rural Development, the nation earned US$410 million from exporting 895,000 tons of rice in the first two months of 2020, up 32.6% in value and up 27% in volume compared to the same period last year. 

By Thuy Dung