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Vietnam Takes Swift Action to Ensure Food Security and Penalize Speculative Hoarding Brokers

In the face of global supply threats and soaring rice prices caused by speculative hoarding, the Prime Minister of Vietnam has issued a directive to accelerate the country’s food security efforts. The directive also emphasizes the need to boost rice production and exports to address the challenges posed by an imbalance between supply and demand.

Published on the Vietnamese government website, the order instructs the Ministry of Agriculture and Environment to focus on developing key plantations and aims to increase rice production to over 43 million tons in the coming years. To ensure a balanced approach, ministries and local governments have been tasked with managing the distribution of rice for both domestic consumption and export, with the goal of promoting food security.

Vietnam’s government revealed on August 1st that this year’s paddy output is expected to exceed 43 million tonnes, and exports are projected to reach 7.8 million tonnes—an increase of approximately 10% compared to the previous year.

However, in some regions of Vietnam, a group of rice traders engaged in massive hoarding activities, leading to an imbalance between rice supply and demand and causing unreasonable spikes in rice prices. To address this issue, the Prime Minister has called for strict penalties against speculation, illegal exploitation, and actions that disrupt the local market and damage the reputation of Vietnamese rice on the global stage.

The swift and decisive action taken by Vietnam’s government comes at a critical time when other major rice-exporting countries are facing challenges. India, being one of the world’s primary rice exporters, has suspended some rice exports, while Thailand’s government is urging farmers to reduce rice cultivation due to drought conditions.

Thailand is currently experiencing low rainfall and water scarcity, leading the National Water Resources Office (ONWR) to encourage farmers to grow alternative crops that require less water and have quicker harvesting times.

The measures taken by Vietnam to ensure food security and penalize speculative hoarding brokers demonstrate the government’s commitment to safeguarding the nation’s food supply and maintaining stability in the rice market. By focusing on increasing rice production and exports while discouraging disruptive practices, Vietnam aims to secure its position as a reliable and responsible player in the global rice trade. The country’s efforts will not only benefit its own citizens but also contribute to stability in the international food market during these challenging times.

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