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VietNamNews

More rice bought up for reserves

Update: April, 12/2010 - 10:31
Rice is loaded for export in southern Tien Giang Province. The Viet Nam Food Association will buy 500,000 tonnes of rice this week, for national reserves. — VNA/VNS Photo Thanh Vu

Rice is loaded for export in southern Tien Giang Province. The Viet Nam Food Association will buy 500,000 tonnes of rice this week, for national reserves. — VNA/VNS Photo Thanh Vu

HCM CITY — Viet Nam Food Association (VFA) this week will buy 500,000 tonnes of rice from farmers for national reserves, Pham Van Bay, deputy chairman of the association, has said.

At a meeting last Friday in HCM City, VFA said Viet Nam had exported 1.292 million tonnes of rice in the first quarter of this year, at a free-on-board (FOB) export value of US$606.708 million, a fall of 18.54 per cent in quantity and 5.12 per cent in price year-on-year.

The average export price was $469.63 per tonne.

In March, the country exported 581,509 tonnes, with FOB export value of $267.985 million, a decrease of $29.31 per tonne compared with the previous month.

Pham Van Bay said farmers faced difficulties because they had no rice export contracts, and the world price continued to show a downward tendency.

Last month, the country fulfilled the targeted reserve of 1 million tonnes of rice. — VNS

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