Vietnam Rice Exporting News 2008 : Regulations promulgated to limit rice export quantity

Hanoi (VNA) - The rice volumes that exporters are allowed to register for export in the first half of 2008 must not exceed 50 percent of average export quantity of the last two years, 2006 and 2007, stipulates a new regulation on the registration for rice export contracts in 2008.

The regulation, issued by the Vietnam Food Association (Vietfood) on March 26, also says that exporters have to ensure to storages of at least 50 percent of the registered export volumes by attaching a report to the application for export contract registration.

The total amount of export rice will not be allowed to surpass the Ministry of Industry and Trade’s quarterly balance that was developed based on the Government’s quota, it said.

Additionally, contracted export price must be complied with the price announced by Vietfood at the time of signing contract and the delivery time must be within two months since the signing date.

The Prime Minister issued a guidance on the amount of rice export in 2008 ranging between 4 to 4.5 million tonnes.

The world rice price hit a record high over the last 34 years, standing at 708 USD per tonne, a rise of nearly 50 percent over the end of January. The hike attributed to the issuance of regulations on rice export limitation by major rice exporters, including Vietnam and India.-Enditem

Source: http://www.vnagency.com.vn/Home/EN/tabid/119/itemid/242314/Default.aspx