In order to maintain domestic food security and prevent excessive price rise, Vietnam has decided to export only 4 million MT of rice this year, down from a target of 4.5 million MT set by the government earlier in the year.

Vietnamese government is also asking the Ministry of Finance to consider applying a tax on rice exports. Currently Vietnam exempts rice exports from taxes.

Vietnam is estimated to have exported 859,000 tons of rice valued at $366 million in the first quarter this year, with volume up 5.3% on year and value 43% higher