Prime Minister Nguyen Tan Dung has approved the purchase of 500,000 tonnes of rice for national reserve from the summer-autumn crop 2012.

The Vietnam Food Association (VFA) is asked to be responsible for regulating its members to buy the reserved rice within one month from July 10.

The PM also asked the Ministry of Finance, in association with the State Bank of Vietnam, to manage the expense of the reserve purchase. The State will assist 100 percent of interest rate on loans for enterprises to buy the rice within three months. The summer-autumn crop is estimated to provide 2.5 million tons of rice for domestic consumption and export markets.

VFA said that, in the third quarter, rice exports are expected to reach 700,000 tonnes each month./.