Rice for export (Photo: VNA)

Prime Minister Pham Minh Chinh has signed a dispatch featuring the management to ensure a rice supply-demand balance in light of developments in the global and domestic markets.

The dispatch is addressed to the Ministers of Agriculture and Environment, Industry and Trade, Foreign Affairs, and Finance; the Governor of the State Bank of Vietnam; the Chairpersons of People's Committees of provinces and centrally-run cities; the President of the Vietnam Food Association; the President of the Vietnam Rice Industry Association; and leaders of the Northern and Southern Food Corporations.

It noted that in the early months of 2025, global rice trade has been complex, with the world supply becoming surplus. The demand for rice imports from countries around the world has decreased, and there are no signs of recovery in the short term, as major importing markets are cautious in their rice stocking and purchasing.

Due to the effects of global supply and demand developments, Vietnam's rice exports in the first two months showed a declining trend as export prices continuously fell. Meanwhile, Mekong Delta localities are currently in the peak harvest season for the winter-spring crop, leading to a significant decrease in the rice purchasing prices compared to the same period in 2024.

Therefore, the Prime Minister requested the ministers, the chairpersons of the local People's Committees, and leaders of the relevant agencies, associations and enterprises to closely monitor and promptly update any changes in policies and market developments of both exporting and importing countries.

The Minister of Agriculture and Environment was asked to direct the localities in the Mekong Delta region to ensure the output and area as planned. In the short term, the focus should be on producing and harvesting the winter-spring rice crop on schedule, closely monitoring the seasonal timeline and the situation regarding saltwater intrusion to minimise its impact on rice production.

Chinh also emphasised the continued implementation of the project on sustainable development of one million hectares of high-quality, low-emission rice associated with green growth in the Mekong Delta by 2030, with priority given to expanding the adoption of low-emission rice production processes to reduce production costs and increase rice prices for farmers.

In the long term, it is necessary to research and improve the production structure and product quality, develop high-quality, high-value and specialty rice varieties, and apply modern technology, and expand investment in the research and development of rice varieties that are drought-resistant, salt-tolerant, and pest-resistant.

Harvesting a pilot area for the project on sustainable development of one million hectares of high-quality, low-emission rice associated with green growth in the Mekong Delta by 2030 in Lang Bien commune, Thap Muoi district, Dong Thap province (Photo: VNA)

The ministry should continue advising the government on approving and implementing a project to develop a logistics system to enhance the quality and competitiveness of Vietnamese agricultural products by 2030, which aims to improve storage, reserve, and modern preservation capabilities, thus ensuring the quality of rice for export during periods of high demand and prices in the global market.

The Government leader required the Minister of Industry and Trade to continue to lead and intensify the implementation of tasks and solutions outlined in the "Vietnam Rice Export Market Development Strategy by 2030;" and coordinate with the Minister of Agriculture and Environment and the chairpersons of the local People's Committees to establish an inter-agency inspection team to monitor the implementation of rice procurement, import, and export activities, thus contributing to the stabilisation of the market.

It is important to strengthen trade promotion and boost exports to major markets, potential markets, and those with significant room for growth such as the US, the EU, Japan, China, the Middle East, Africa, and ASEAN, through signed free trade agreements or bilateral agreements.

The Governor of the State Bank of Vietnam was requested to direct the research and calculation of the expansion of credit quotas and loan terms for enterprises with the capacity and storage facilities to purchase rice for temporary storage during periods of market volatility and low purchase prices. Meanwhile, the Minister of Finance must direct and facilitate the early refund of export taxes to support rice trading and exporting businesses, and create a streamlined and convenient customs clearance mechanism for export enterprises.

The Prime Minister also ordered the Minister of Foreign Affairs to disseminate information regarding market demands, preferences, regulations, and economic diplomacy policies to associations and businesses involved in the production and trade of rice.

Localities were tasked with enhancing market management efforts, and strengthening the inspection, auditing, and monitoring of the buying and selling activities by key enterprises and traders to prevent price manipulation, profiteering, and unfair competition./.