The Vietnam Food Association announced on February 27 that up to now, firms have signed contracts to export 2.9 million tons of rice, an increase of more than 99 per cent over the same period last year.
According to the plan, firms will deliver 1.3 million tons of rice in the first quarter of this year and 2.2 million tons of rice in the second quarter. Rice exports in the first six months of this year were expected to reach 3.5 million tons in total.
Rice production of the winter-spring crop will be likely to touch 3.8 million tons, while rice inventory from previous year was around 780,000 tons.
The association said that after the instruction to stockpile 1 million tons of rice starting from February 20, firms now have bought 211,000 tons, accounting for more than 21 per cent of the target.
Commodity rice price in the Mekong Delta provinces also climbed after the stockpiling purchase. Currently, fresh low-quality paddy rice IR50404 was bought at around VND4,400 per kilo; fresh long-grain rice was purchased at VND4,700-4,800 per kilo.