The Ministry of Industry and Trade (MoIT) has asked relevant ministries, agencies, and businesses to adopt measures to expand rice export markets and stabilize the domestic market amid complex developments in global food trading that have affected rice production, trade, and processing in Vietnam.

Under a Directive issued on August 15, the MoIT asked the market management sector to closely monitor rice prices to ensure a balance in exports and domestic consumption, inspect supply sources and selling prices to prevent speculation and price manipulation, stop the transportation and trading of rice of unclear origin, and strictly deal with any violations of regulations on rice trade and export.

It required the Department of Import-Export to coordinate with relevant agencies and trade offices overseas to monitor the global rice market and the policies on rice exports by rice-producing countries, and to organize trade promotions to push Vietnamese rice products abroad.

The MoIT also asked departments of industry and trade in cities and provinces to adopt plans to ensure rice quality and a balance in supply and demand to meet local demand, contributing to stabilizing prices and ensuring national food security.

Rice exporters must seriously follow regulations on preparing periodic reports and maintain a minimum reserve, according to the Directive.

Vietnam exported 4.84 million tons of rice in the first seven months of the year, earning $2.58 billion.

National rice output is expected to reach 43.2-43.4 million tons this year.