What are responsibilities of the State Bank of Vietnam regarding rice export business?

What are responsibilities of the State Bank of Vietnam regarding rice export business?

Pursuant to Clause 5 Article 22 of the Decree 107/2018/NĐ-CP stipulating responsibilities of the State Bank of Vietnam regarding rice export business as follows:

5. The State Bank of Vietnam

Direct the credit institutions in balancing funds, with the aim to satisfy the lending demands of traders that invest in building rice warehouse, mill and processor in the raw materials area or only invest in building such area, or rice producers who work there or participate in the joint rice production and consumption with the traders.

What are responsibilities of the Vietnam Food Association regarding rice export business?

Pursuant to Article 23 of the Decree 107/2018/NĐ-CP stipulating responsibilities of the Vietnam Food Association regarding rice export business as follows:

Aside from the functions and tasks specified in current regulations, the Vietnam Food Association shall also:

1. Cooperate with the People’s Committees of provinces and central affiliated cities in directing, guiding and supporting their members in building the raw materials area according to the current state policies.

2. Cooperate with the competent agencies in inspecting and detecting the violations in rice export business and request such agencies to take actions against these violations.

3. Cooperate with the ministries, sectors and localities in directing and guiding their members in procuring rice commodity to maintain compulsory circulation reserves for market stabilization under this Decree.

4. Set up and maintain the operation of a website on rice supply and demand in the markets of Vietnam and foreign countries, importers, prices and commercial forecast of rice, and information on rice export and sale.

5. Take the initiative in seeking and expanding the rice export markets; guide their members in enhancing the market power, proactively seeking, negotiating and signing the export contracts to increase rice export efficiency.

6. Send weekly, monthly or quarterly reports on domestic rice prices, export rice prices and rice circulation reserves of their members to the Ministry of Industry and Trade, Ministry of Finance, Ministry of Agriculture and Rural Development, Office of the Government and People’s Committees of provinces.

7. Promptly report the relevant ministries and sectors about the arising problems according to their functions and tasks and propose the handling measures.

What are responsibilities of the traders in rice export business?

Pursuant to Article 24 of the Decree 107/2018/NĐ-CP stipulating responsibilities of the traders in rice export business as follows:

1. Promptly send a written report to the Ministry of Industry and Trade, Departments of Industry and Trade in the provinces where the rice warehouses, mills and processors declared to obtain the Certificate are located when they fail to satisfy the business conditions or when there are changes about the aforesaid rice warehouses, mills and processors.

2. Send a report about the signing and implementation of rice export contracts to the Ministry of Industry and Trade every 20th of each month.

3. Send a report about the actual stored rice volume of traders based on each category to the Ministry of Industry and Trade every Thursday in order for this Ministry to make an aggregate report for administration.

4. Send quarterly, annual and irregular reports to the Ministry of Industry and Trade, Ministry of Finance, Ministry of Agriculture and Rural Development, People’s Committees and Departments of Industry and Trade in provinces where the head offices, rice warehouses, mills and processors or raw materials area are located. The periodic reports shall be made by using form No. 04 in Appendix hereto.

5. Implement the state policies' regulations on building the raw materials area; impose the reporting regime by sending a report on the building process of raw materials area to the Ministry of Industry and Trade and relevant agencies as prescribed by laws.

6. If a trader sends untrue reports or does not follow the reporting regime specified in this Article, it shall not receive the incentive policies specified in clause 2, Article 16 hereof, unless the aforesaid trader stops violating and rectifies its actions.

7. According to the regulations in this Decree, the Ministry of Industry and Trade shall provide specific provisions on high technology application, with the aim to make it easier for traders in imposing the reporting regime specified in this Article.

Best regards!