Vietnam to stockpile fertilizer to ensure sufficient supply

Vietnam, the world’s second-biggest rice exporter, will stockpile fertilizer and import the commodity to ensure producers have enough supply for the winter and spring crops.

The government requested state-owned Vietnam Oil & Gas Group keep at least 700,000 metric tons of fertilizer aside for “timely interference” at times of price volatility, according to a statement on the government’s website Thursday.

Prime Minister Nguyen Tan Dung asked the central bank to ensure enough supply of foreign currency for imports of fertilizer, the statement said. Dung also said local producers should operate at full capacity.

Vietnam produces more than 38 million tons of rice each year, Tuoi Tre newspaper reported Wednesday. The country aims to boost shipments by as much as 49 percent to 7 million tons this year, Deputy Minister of Trade and Industry Do Huu Hao said Aug. 6

Tags: Vietnam agriculture, Vietnam business news

Posted by VBN on Nov 12 2009. Filed under Agriculture. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry