Purchase and stockpile 1 million tons of rice starting March 1, 2015.

The Prime Minister has just decided to purchase and stockpile 1 million tons of paddy rice from the 2014-2015 Winter-Spring crop in the Mekong Delta from March 1, 2015 to April 15, 2015.

Specifically, the plan involves purchasing 1 million tons of paddy rice for temporary storage at a paddy-to-rice conversion ratio of 2:1; including all types of paddy rice (including white rice, glutinous rice, fragrant rice, and broken rice of all kinds).

Interest rate support for up to 4 months.

The Prime Minister has instructed the State Bank of Vietnam to direct a number of commercial banks to provide loans for the temporary purchase and storage of paddy and rice for a maximum period of 6 months from the date of purchase until August 31, 2015.

The state budget will subsidize 100% of the interest on loans for purchasing paddy and rice for temporary storage, with a maximum interest subsidy period of 4 months from the date of purchase until June 30, 2015.

The Vietnam Food Association organizes the allocation of paddy and rice to traders who directly own standard-compliant paddy and rice storage facilities to purchase the aforementioned paddy and rice for temporary storage; at the same time, it coordinates with the People's Committees of provinces and centrally-governed cities in the Mekong Delta region in allocating quotas for temporary storage purchases and directing and guiding the organization of temporary storage purchases of paddy and rice.

Traders who purchase and stockpile paddy and rice are subject to market mechanisms and are solely responsible for their business performance.

The Prime Minister requested the Ministry of Finance to take the lead and coordinate with the State Bank of Vietnam to provide specific guidance on the implementation of interest rate support as stipulated, and to allocate funds from the state budget to implement the aforementioned interest rate support.

The State Bank of Vietnam designates and instructs a number of commercial banks to provide loans for the temporary purchase and storage of paddy and rice in accordance with regulations.

The People's Committees of provinces and centrally-administered cities in the Mekong Delta coordinate with the Vietnam Food Association in allocating quotas and directing and guiding the temporary purchase and storage of paddy and rice; at the same time, they coordinate with relevant ministries and agencies to inspect and supervise the temporary purchase and storage of paddy and rice in their localities.

The Ministry of Agriculture and Rural Development, in coordination with the Ministry of Industry and Trade, the People's Committees of provinces and centrally-administered cities in the Mekong Delta, and the Vietnam Food Association, will inspect and supervise the allocation of temporary storage quotas and the process of purchasing and storing paddy and rice in accordance with regulations; and compile and report the results to the Prime Minister.

According to Chinhphu.vn