Vietnamese government to stockpile rice

Prime Minister Nguyen Tan Dung March 9 approved the purchase of rice for annual stockpiling.

Buy rice for stockpile (Photo: VietnamPlus)

The Prime Minister’s decision will take effect on April 25, 2011 and last until December 31, 2012.

The four methods to buy rice for national use include inviting bidders, recommended contract, direct purchase and offering of competitive prices.

Recommended contract is applied for buying a quantity of foodstuff to compensate for losses in the event of unforeseen circumstances like natural disasters, in case the government cannot hold wide bidding in the country.

 Direct purchase are for contracts which have been signed within 6 months and offer competitive prices for bidding under VND2 billion.

The Minister of Finance was ordered to decide the maximum price for purchasing rice.  The General Department of State Reserves will buy rice on the set price by the Minister of Finance at a particular time and region. Rice for stockpiling must be in good condition and people should preserve it well.

Source: VietnamPlus - Translated by Anh Quan

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