The Vietnam Food Association (VFA) said it has stockpiled the million tons of rice it had targeted last month in an attempt to keep prices stable.
The association will continue to purchase another 500,000 tons to increase its rice stockpile, said VFA deputy chairman Pham Van Bay.
In early March the food association had asked 30 member companies to purchase rice at not less than VND4,000 per kilogram to ensure enough profits for farmers.
According to rice companies, prices of unhusked rice in the Mekong Delta, Vietnam's largest rice growing region, are now between VND4,100 and VND4,400 per kilogram.
The Vietnam Food Association said there have been positive signs from many export markets. Iraq, for instance, may sign new contracts to import rice from Vietnam while there is still high demand in the African market.
First quarter rice exports have reached 1.1 million tons, the association said.