The Vietnam Food Association (VFA) will start buying 1 million tonnes of rice for stockpile on February 20 under a plan recently approved by the Prime Minister.

VFA President Truong Thanh Phong said on January 29 that the association’s members will be responsible for the purchase.

He added that the rice will be bought at market price with the lowest being 5,000 VND per kilogram.

Earlier, the Ministry of Finance announced that production cost of rice in the Mekong Delta in the 2012-2013 Winter-Spring crop is 3,616 VND per kilogram.

Over the past two days, the rice price in the region has increased slightly by 200-300 VND per kilogram thanks to the Southern Food Corporation (Vinafood II)’s purchase.

According to the VFA, in January, Vietnam shipped more than 300,000 tonnes of rice abroad and contracted to export 1.1 million tonnes.-VNA