Rice pallets at a storage facility in the southern province of Đồng Tháp. — VNA/VNS Photo

The government has greenlit a plan to purchase a total of 220,000 tonnes of rice for the year 2024, according to the General Department of State Reserves.

The plan included 22 reserve departments in cities and provinces across the country, who are put in charge of 196 bidding packages to purchase domestically produced, long grain 15 per cent broken rice, milled from the 2024 Spring harvest.

Contractors are to compete in open as well as online bidding sessions this month with a deadline set on May 2.

For bidding packages valued at over VNĐ10 billion, contractors must produce a security deposit of 3 per cent of the package and 1.5 per cent for those valued under the amount. The winners will be announced and published by the national bidding system.

In cases of price fluctuations, local reserve departments are tasked with reporting to the general departments for guidance and instructions to ensure purchase prices will not exceed those regulated by the Ministry of Finance. — VNS