Vietnam assured it will deliver 400,000 metric tons of rice to the Philippines after it decided to resume exports to Southeast Asian countries starting May 1.
Vietnam will end rice export restrictions from the start of May, bringing closure to a month-long saga that sparked fears over food protectionism and caused global prices to spike.
Some 300,000 tons of rice are stuck at ports nationwide. Traders are refraining from new contracts over uncertainty
Vietnam has met just 4% of the reserves it needs for this year. Rice price surge mean traders lose money selling to government.
A Vietnamese entrepreneur in Ho Chi Minh City has invented a 24/7 automatic dispensing machine providing free rice for people out of work following an ongoing nationwide lockdown to curb the spread of the novel coronavirus.
Vietnam, the world’s third-largest rice exporter, has not yet lifted the ban on new rice export contracts, traders said on Monday, adding that they expect the government to remove the suspension this week and also impose a quota.
Vietnam’s General Department of State Reserves plans to have 190,000 tons of rice in storage by June 15 to ensure the country has enough food amid the novel coronavirus outbreak, the finance ministry said on its website.
Vietnam will continue to export rice amid the spread of the coronavirus, the vice chairman of the country’s food association said on Tuesday, countering earlier statements from local customs officials and media reports.