Prime Minister Nguyen Tan Dung Tuesday asked the Southern Food Corporation to buy 500,000 tons of rice from farmers in order to keep prices stable and ensure farmers make profits.
The nation's top rice exporter, also known as Vinafood 2, has been asked to purchase the summer-autumn crop rice within two months. The rice will be kept in stock until January 20 next year.
The government will subsidize 100 percent of the interest rates on loans taken by Vinafood 2 to purchase the rice.
The 13 southern provinces of the Mekong Delta, Vietnam's largest rice growing area, are expected to produce a total of 7.75 million tons of unmilled rice in the summer-autumn crop, which ends this month.
Early this month many farmers in the region said they failed to sell their huge rice stockpiles harvested from the bumper harvest.
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