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Viet Nam PM Signs Decision so Traders Stockpile Rice for Farmers

13 March 2012

VIET NAM - Prime Minister Nguyen Tan Dung has signed a decision under which traders will buy a maximum of 1 million tonnes of winter-spring rice crop from farmers for temporary stockpiling, from March 15 to April 30.

Vietnam Food Association will be in charge of assigning traders to buy the above amount of rice for temporary stockpiling, reports Saigon GP Daily. Traders will buy directly from farmers in accordance with market mechanism and will be responsible for all business dealings.

The State Bank of Vietnam will support 100 per cent interest free loan for three months from March 15 to June 15 for traders, so they may complete their transactions. The bank will appoint select commercial banks to give loans to traders.

The Prime Minister has ordered the Ministry of Finance to collaborate with the central bank to provide detailed instructions for loans and allocation of funds from the national budget to implement the above task.

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