Nhan Dan - Vietnam exported over 3.4 million tonnes of rice worth US$1.6 billion in the first six months of 2012, according to the Vietnam Food Association (VFA).
In June alone, Vietnam gained US$408.3 million from the shipment of 866,792 tonnes of rice.
The VFA said that rice exports from January to June fell sharply compared to the same period last year when the country shipped 4.03 million tonnes worth nearly US$1.98 billion.
According to the Ministry of Agriculture and Rural Development, fierce competition from India and Myanmar has resulted in a decline in the Vietnam’s rice shipments.
The VFA predicted that Vietnam will export 2.1 million tonnes of rice in the third quarter of 2012. The export target for 2012 stands at 6.5-7 million tonnes.
In a move to keep rice prices from falling, the Prime Minister has approved a plan by the VFA to buy 500,000 tonnes of rice produced during the summer-autumn crop from farmers.
Enterprises will be supported for 100% of the interest on loans they borrowed to stockpile rice for three months beginning July 10.
Vietnam is estimated to harvest about 2.5 million tonnes of rice during the summer-autumn crop.