To urgently submit a Decree amending the Decree on rice export business in Vietnam to the Government

To urgently submit a Decree amending the Decree on rice export business in Vietnam to the Government (Internet image)

Regarding this issue, LawNet would like to answer as follow

On March 2, 2024, the Prime Minister issued Directive 10/CT-TTg on promoting sustainable, transparent, and efficient production, business, and export of rice in the new situation.

To urgently submit a Decree amending the Decree on rice export business in Vietnam to the Government

To ensure the healthy, transparent, flexible, and timely operation of rice production, business, and export in the face of market fluctuations, aiming for sustainable and highly effective development of the rice industry, and improving the income of rice growers, the Prime Minister requires the Minister of Industry and Trade to carry out the following key tasks:

- Take the lead in implementing tasks and solutions to execute the "Vietnam's Rice Export Market Development Strategy until 2030" and the directives of the Prime Minister stated in the Directives and Official Telegrams on promoting rice production and export.

- Take the lead and coordinate with the Minister of Agriculture and Rural Development, the Minister of Foreign Affairs, and relevant authorities to direct, inspect, and monitor rice export business activities, ensuring compliance with the regulations and laws. Monitor the market situation and international rice trade, as well as the actions of rice-producing and exporting countries, and timely provide information to ministries, departments, the Vietnam Food Association, and rice export businesses to proactively regulate rice production, business, and export activities, ensuring suitability, effectiveness, and contributing to national food security.

- Urgently complete and submit to the Government the amended Decree to amend Decree 107/2018/NĐ-CP on rice export business, creating a business environment that is transparent, fair, convenient, and ensures the rightful interests of rice farmers while maintaining the reputation of Vietnamese rice. Study and streamline the rice export intermediaries, ensuring healthy competition without excessive dispersion, efficient business operations, and the credibility of Vietnamese rice.

- Take the lead and coordinate with the Minister of Agriculture and Rural Development and the heads of relevant agencies to promote market development and trade promotion activities, facilitate the circulation and consumption of rice products. Support enterprises in building efficient rice supply chains linked to logistics services for the international market. Study the promotion of the implementation of agricultural commodity trading floors, including a rice trading floor, to ensure transparency in rice business operations.

- Take the lead and coordinate with the Minister of Agriculture and Rural Development and local authorities to explore and pilot models that involve "traders" in the rice value chain, serving as a bridge between people and businesses while limiting potential risks for all participants in the value chain.

To consider issuing a credit program to support high-quality rice production linkages in Vietnam

Specifically, the Prime Minister requires the Minister of Finance and the Governor of the State Bank of Vietnam to carry out the following:

- Take the lead and coordinate with relevant agencies to study and resolve issues related to VAT tax refunds according to their authority and the regulations of the law.

- Take the lead and coordinate with the Minister of Agriculture and Rural Development and the Minister of Industry and Trade to calculate and develop appropriate and effective plans for rice reserves in accordance with regulations.

- The Governor of the State Bank of Vietnam directs commercial banks to create favorable conditions for people and businesses to access credit with preferential interest rates, meeting the credit needs for rice procurement and export, particularly for the procurement of the 2023–2024 winter-spring crop in the Mekong Delta provinces. Study and propose the issuance of a credit program to support the production, processing, and consumption of high-quality, low-emission rice products in the Mekong Delta region between cooperatives and businesses, in accordance with the regulations of the law.

For more information, refer to Directive 10/CT-TTg dated March 2, 2024.

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