Ministry asks for support to buy rice for stockpiling

The Ministry of Agriculture and Rural Development has asked the government to consider supportive measures in terms of lower loan interest rates for buying one million tonnes of rice from farmers from March 15 to April 30, for temporary stockpiling for three months.

Farmers harvesting rice in Mekong Delta region (File photo)

According to Bui Ba Bong, Deputy Minister of Agriculture and Rural Development, by 2012 unhusked rice output in the country is expected to reach about 42.5 million tonnes, higher than last year’s 200,000 tonnes.

Domestic demand for unhusked rice is estimated to be about 29 million tonnes in 2012. Hence the country will have a spare 13.5 million tonnes of unhusked rice.

In addition, many rice companies will have huge stocks of rice left from 2011.

Currently, the volume of rice stocked is estimated to be 1.1 million tonnes.

The Ministry of Agriculture and Rural Development has asked the Ministry of Industry and Trade to coordinate with Vietnam Rice Association to balance rice exports this year.

In addition, the ministry has asked banks to assist the association to buy one million tonnes of rice at lower interest rates.

The association plans promotional activities to boost exports, with an eye on China. It plans to sell high-quality rice to the neighbouring country, and establish a Vietnam-China rice traders’ club in the first quarter of this year.

In related news, Prime Minister Nguyen Tan Dung has asked the Ministry of Finance to provide 2,550 tonnes of rice from the National Rice Reserve to support Quang Tri and Quang Binh Provinces to help people overcome difficulties.

By P.Van – Translated by T.Huong

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