Vietnam lifts rice export ban

Prime Minister Nguyen Xuan Phuc scrapped the ban Friday and ordered relevant ministries to develop an export plan what will ensure the benefits of farmers and traders.

The Finance Ministry was tasked with controlling the amount of rice to be exported, and to buy 190,000 tonnes from traders for reserves.

The Ministry of Industry and Trade will order Vietnam Customs to stop allowing exports once the set quota is reached.

On March 24, the PM had imposed a rice export ban until late May to ensure national food security amidst the novel coronavirus pandemic, but the trade ministry had proposed that it be lifted, arguing that supply will exceed demand by 6.7 million tonnes for the year.

The finance ministry had recently proposed that export of regular rice is stopped until mid-June to build reserves and ensure national food security.

Vietnam is the world's third largest rice exporter after India and Thailand. Last year it exported 6.37 million tons worth $2.81 billion, with the top markets being the Philippines, Ivory Coast, Malaysia, and China.