The Ministry of Industry and Trade (MoIT) has directed local enterprises to ensure a balance is struck between rice exports and domestic consumption to help stabilize the rice price and ensure food security after India banned the export of non-basmati white rice to curb its inflation rate.

India is the world’s largest rice exporter, with a global market share of 40 per cent. Its decision may affect rice prices in the global market, especially in the context of food supply chains being impacted by the Russia - Ukraine conflict, according to the MoIT.

It asked enterprises to closely follow the market situation and adopt appropriate and effective production and export plans.

Vietnam imported 367,500 tons of rice from India in the first five months of the year, up 31.75 per cent compared to the same period last year.