Illustrative photo (Photo:VNA)

Bangkok (VNA) – Thailand’s Government expects to earn 11.54 billion baht (328 milllion USD) from selling 1.11 million tonnes of rice in government stockpile to 29 contractors in the July auction.

The Ministry of Commerce has acknowledged that there is an increasing demand for rice due to prolonged droughts in many countries, hence the government might see high sales prices from upcoming bidding.

The country sold 6.59 million tonnes of its rice in stockpile, bringing home 69 billion baht (1.96 billion USD) over the past two years. Thailand planned to maximise sales of rice this year.

The ministry said the country will continue to “emancipate” the rice stockpile in different ways, including open tenders for private and foreign importers.

Besides, Thailand will also continue sell its rice to potential customers such as Singapore, South Africa, Mozambique and Oman under inter-governmental contracts.

Indonesia and the Philippines planned to buy over one million tonnes of rice from Thailand.-VNA