Food association sets VND3,500 minimum price for rice

The Viet Nam Food Association (Vietfood) has fixed a minimum buying price of VND3,500 per kilogram for winter-spring rice for its member-companies.

Its chairman said January 13 that farmers would not lose money despite the continuing difficulties in exporting their rice.

Viet Nam expects to export 4.5-5 million tons this year, 2.8 tons of which will be exported in the first half.

Exporters have already signed contracts for around 2.5 million tons.

In the first two months alone over 900,000 tons will be shipped, against a norm of 250,000-300,000 tons.