The Ministry of Agriculture and Environment held a press conference on Thursday, following an announcement by Vietnam's largest rice buyer of a two-month suspension of imports, effective from September 1.
The halt was aimed at protecting Philippine farmers following a year-on-year drop of 16 per cent in local rice prices in July, as low import tariffs had pushed up imports.
Le Ba Anh, Deputy Director General of the Department of Quality, Processing, and Market Development at the Ministry of Agriculture and Environment, has announced that the import suspension will be in effect for 60 days. However, under Executive Order 93, the Philippine Department of Agriculture needs to review the situation after 30 days, and the halt could be lifted earlier if conditions improve.
The Ministry of Industry and Trade has sent an official dispatch to associations, provinces and businesses, calling on rice exporters to stockpile to help stabilise export prices.
The Ministry of Industry and Trade has requested that local authorities promptly update rice exporters on policy developments, gather business feedback on emerging challenges, and report potential solutions to these challenges.
The Vietnam Food Association has also been tasked with keeping traders informed. At the same time, agencies have been urged to monitor and forecast domestic and global rice markets to recommend measures that support consumption and boost exports.
Vietnamese rice exporters have been encouraged to find new markets, in addition to their existing destinations.
Vietnam exported an estimated 770,000 tonnes of rice worth USD 344 million in August, raising the eight-month total to 6.3 million tonnes and USD 3.17 billion, up 2.2 per cent in volume but down 17.5 per cent in value from the same period a year earlier. The average export price stood at USD 504.9 per tonne, a 19.3 per cent drop year-on-year.
