Major rice exporters from Thailand and Vietnam signed a Memorandum of Understanding (MoU) on exchanging information on rice and daily price levels in Bangkok on Nov. 16.

The MoU was aimed at helping Thailand and Vietnam, the two biggest rice exporters in the world, prevent price cutting practices previously used by rice dealers, said Apiradi Tantraporn, Director General of Thailand's Foreign Trade Department.

The agreement would allow both sides to manage and control rice stocks properly, the official said, adding that from now on, rice exporters in the two countries would discuss first with each other of preventing rice prices from declining.