The estimation was made by the Vietnam Food Association (VFA) at a conference on rice exports in Ho Chi Minh City on July 5.

According to the VFA, the price of rice will remain stable in the second half of the year because exports increased sharply in the first six months.

The association said it is unnecessary to stockpile 1 million tonnes of rice and urged businesses to be ready to purchase rice when exports slow down and prices fall to below VND5,000 per kilo.

Vietnamese rice exporters should take the initiative to buy and sell rice to compete with the increasing number of businesses both from Vietnam and foreign countries that are becoming involved in exporting rice, said VFA President Truong Thanh Phong.       

(VOV)