The State budget supports 100% of interest rates on loans for purchasing rice and paddy for temporary storage.

The Prime Minister has just decided to temporarily purchase and store 1 million tons of rice equivalent at a paddy:rice conversion ratio of 2:1 in the 2012-2013 Winter-Spring crop in the Mekong Delta; the types of paddy and rice purchased and temporarily stored include regular paddy and fragrant paddy and rice.

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Temporary purchase period from February 20, 2013 to March 31, 2013.

The Prime Minister assigned the Vietnam Food Association to organize the allocation to traders who directly have warehouses storing rice and paddy according to standards to purchase the above temporarily stored rice and paddy.

Traders purchase and store rice according to market mechanisms and are responsible for business performance.

The state budget supports 100% of the interest rate on loans for purchasing rice for temporary storage; the maximum period for temporary storage with interest rate support is 3 months, from February 20, 2013 to May 20, 2013.

The Prime Minister assigned the Ministry of Finance to preside over and coordinate with the State Bank of Vietnam to provide specific guidance on the implementation of interest rate support according to regulations; and to arrange funds from the state budget to implement interest rate support.

The State Bank of Vietnam is assigned to designate a number of commercial banks to provide loans for purchasing rice for temporary storage.

The Prime Minister also assigned the Ministry of Agriculture and Rural Development to preside over and coordinate with the Ministry of Industry and Trade, People's Committees of provinces and centrally run cities in the Mekong Delta and the Vietnam Food Association to develop regulations to monitor and inspect the implementation of purchasing and temporarily storing rice in accordance with regulations.

According to (Chinhphu.vn) - LT