New decree facilitates rice trading, export activities
New regulations included in Decree No.107/2018 ND-CP have helped cut down costs for businesses in market engagement activities and created strong motivation for the improvement of their trading capacity and the promotion of rice exports, said business representatives at a conference in Ho Chi Minh City on November 1.
HCM City(VNA) – New regulations included in Decree No.107/2018 ND-CP have helped cutdown costs for businesses in market engagement activities and created strong motivationfor the improvement of their trading capacity and the promotion of riceexports, said business representatives at a conference in Ho Chi Minh City onNovember 1.
The decree, which tookeffect from October 1, 2018, replaces Decree No.109/2010/ND-CP and focuses on regulatingrice trading and exports.
Representatives of thebusinesses held that Decree No.107 encourages the production and export of highquality rice with high added value, contributing to implementing therestructuring of the rice sector and improving the status of Vietnam’s ricetrademark in both domestic and foreign markets.
Pham Thai Binh,General Director of Can Tho’s Trung An company, said that rice firms aredelighted at the decree’s new regulations as it is another step towards the completionof a legal framework for rice trading and export in an open and transparentmanner.
It helps businesses buildtheir plans and strategies, including material region, rice standards, and foodsafety.
Binh said thatenterprises have also become more active in investing in processing facilities.
Deputy Minister ofIndustry and Trade Tran Quoc Khanh said that Decree No.107 is a breakthrough ininstitutional policy regarding rice export activities, removing difficultiesand creating a smoother environment for rice firms, thus creating a significantchange in export mindsets.
Clarifying some of thenew contents of Decree No.107, he said that business conditions for the riceindustry have been simplified. Businesses who wish to engage in rice trading activitiesno longer need to own storage or milling facilities, nor register export ordersat the Vietnam Food Association or keep a minimum rice stock equivalent to 50percent of the registered volume.
The rice reserve totalfor businesses has also been reduced to 5 percent of the firm’s total exportvolume over the previous six months, down from the previous 10 percent.
Decree No.107 alsostipulates additional regulations on the responsibilities of ministries,sectors, and localities in rice export management. –VNA
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