Illustrative image (Photo: VNA) Hanoi(VNA) – The Ministry of Industry and Trade (MIT) on August 15 issued a directive on developing rice export markets and stabilising the domestic market amidst unpredictable changes in the global rice market to implement the Prime Minister's instruction on promoting rice production and sustainable export, ensuring national food security.
Accordingly,the MIT asked the market management sector to closely monitor rice prices to ensure balance of export and domestic consumption, inspect supply sources and selling prices to prevent speculation and price manipulation, as well as prevent the transportation andtrading of rice of unclear origin and strictly deal with any violations of regulations on rice trade and export under Decree 107/2018/ND-CP dated August 15, 2018.
The Department of Import-Export under the ministry is assigned to urgently finalise a decree adjusting and supplementing Decree 107/2018/ND-CP to submit to the Government within the third quarter.
The department must also coordinate with agencies in other ministries, the Vietnam Food Association (VFA), trade offices overseas to monitor the world rice market and the policies on rice export of rice producing countries for timely report to the MIT and relevant agencies and trade associations.
TheMIT also directed the department to roll out the rice export market development strategytill 2030 which was approved by the Prime Minister in May, and collaborate with the Vietnam Trade Promotion Agency, Vietnam Trade Officesabroad and the VFA to launch trade promotion, populariserice products and expand markets.
Riceexporters must seriously follow regulations on making periodic reports and maintain a minimum reservelevel while working with the VFA to build plans for production and trade, joinmarket stabilisation programme, contributing to ensuring national foodsecurity.
Vietnam shippedabroad 4.84 million tonnes of rice valued at 2.58 billion USD in the firstseven months of this year, up 29.6% from the corresponding time last year.
The national rice output is expected to reach from43.2-43.4 million tonnes this year, up 1.8-2% from 2022. With the currentproduction situation, the country is likely to meet domestic consumption andexport from 7-7.5 million tonnes.
Rice prices in Vietnam's Mekong Delta region inlate July reached a 10-year high after India banned the export of non-basmati white rice./.
