The Ministry of Agriculture and Rural Development has estimated that the total paddy output for 2008 will be 38.6 million tonnes equalling to 5.3 million tonnes of rice for export.
Vietnam Food Association (VFA) reported that the signed rice export contracts to date have reached 4.46 million tonnes, including the centralised export contract of 2.25 million tonnes and commercial export contracts of 2.15 million tonnes.
Up till now, Vietnam exported 4.09 million tonnes of rice, bringing in over US$2.6 billion, down 5.4% in output and up 90% in value against 2007. Therefore, from now until the year end; Vietnam can still export an additional 1.2 million tonnes of rice.
In order to enhance the rice export, minister of Industry and trade, Vu Huy Hoang, has asked the government’s approval on free rice export without registering contracts to VFA and abolishing floor prices from now until late February 2009.