The Prime Minister has approved a plan to buy 500,000 tonnes of summer-autumn rice between July 10 and August 10 for temporary stock.

The Vietnam Food Association (VFA) will allocate the quota of the purchase to food enterprises.

The Ministry of Finance and the State Bank of Vietnam will provide interest free loans to the enterprises for the purchase.

In June, the Ministry of Agriculture and Rural Development (MARD) proposed that the Government permit food firms to buy 1 million tonnes of summer-autumn rice.

However, in a recent conference on rice exports, VFA said the Government and MARD should keep temporary stock of 500,000 tonnes of rice.

It added that rice trading firms should not have a large temporary stock but increase trade promotion to speed up rice exports.

This year's summer-autumn crop is expected to provide 2.5 million tonnes of rice for domestic consumption and export.-VNA