“There will be no rice shortage,” affirmed Deputy Minister of Industry and Trade Nguyen Cam Tu, adding that local businesses have so far signed contracts to export around 2.8 million tonnes of rice.

According to a forecast of the Ministry of Agriculture and Rural Development, there will be a good supply of rice as harvest time is coming in May and June.

Northern provinces are expected to reap around 6.5 million tonnes of winter-spring rice, equal to the previous rice crop’s output, while the output in the Mekong delta is expected to hit 9.3 million tonnes, 300,000 tonnes more than the previous crop.

These advantages will soon help stabilise the rice market and rice prices will be reduced in the next few days, said deputy minister Tu.

Regarding an unexpected increase in rice prices in almost cities and provinces over the past days, Deputy Minister Tu cited rice speculation by several businesses due to news about the food crisis in many countries as the main reason.

He has asked trade and industry departments in cities and provinces to work with relevant agencies to supervise rice trading activities and strictly punish violators to ensure a stable market.