HCMC takes measures to stabilize rice market

The Ho Chi Minh City Department of Industry and Trade has asked relevant agencies and businesses to take measures to stabilize the local rice market to ensure domestic supply and exports.

Exporters and suppliers have been instructed to increase stockpiles for domestic consumption and exports to avoid any scarcity.

They are required to comply with regulations on rice purchases to ensure a balance between exports and domestic consumption and to maintain reserves and circulation in accordance with regulations on rice exports.

Enterprises subsidized to stabilize rice prices in the market must strictly follow the city’s regulations. They are also required to proactively carry out plans to purchase, reserve, and ensure sufficient rice supply.

The price of Vietnamese 5 per cent broken rice had increased to $618 per ton as of August 8, up $20 per ton since August 3, according to the Vietnam Food Association.

The export price of Vietnamese rice has increased after India banned the export of non-basmati white rice.