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Gov’t to begin stockpiling of summer-autumn rice

May 31st at 16:02
31-05-2013 16:02:08+07:00

Gov’t to begin stockpiling of summer-autumn rice

Deputy Prime Minister Hoang Trung Hai has instructed the Vietnam Food Association (VFA) and provincial people’s committees in the Mekong Delta to begin purchase of one million tons of summer-autumn rice for stockpiling.

 

At a recent meeting with relevant ministries, Mr. Hai asked VFA and local authorities to set purchase volume in accordance with rice output from each province.

The stockpiling is estimated to prevent rice prices from falling further down.

Relevant ministries and departments have been ordered to guide, examine and supervise the rice stockpiling, ensuring it is conducted as per regulations and efficiently.

The Ministry of Finance has announced the cost price of the summer-autumn crop at VND4,142 a kilogram in the Mekong Delta. Rice price thus should be VND5,383 a kilogram.

According to Government regulations, businesses must purchase rice at a price that will ensure a minimum profit margin of 30 percent for farmers.

sggp

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