Vietnam to stockpile up to 500,000 tons of rice

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Vietnam exporters will stockpile up to 500,000 tons of rice from the summer-autumn harvest in a bid to keep prices from falling, the government said.

The businesses will buy the grain from July 10 to August 10, the government said in a statement on Wednesday.

Harvesting of the summer-autumn crop in the Mekong Delta will peak in the next two or three weeks. Fresh grain has started arriving, easing prices, but foreign buyers including China and Indonesia stayed on the sidelines as they hoped for a further drop in prices, traders said.

Rice grade 1, used for processing the export grade with 5 per cent broken grain, has dipped 0.7 per cent in the past 10 days to an average of VND6,700 (S$0.41) per kg in the Delta.

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