Shoppers Everywhere Hoarding Rice Cost Vietnam Its Stockpile
- Vietnam has met just 4% of the reserves it needs for this year
- Rice price surge mean traders lose money selling to government
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Top rice exporter Vietnam is struggling to replenish government reserves after consumers around the world rushed to secure supplies of the food staple because of the worsening coronavirus pandemic.
The Southeast Asian nation asked local traders in March to supply rice for state stockpiles, with those offering the lowest prices winning government contracts. In usual years, traders would be given about three months to buy the rice from farmers and deliver it to the reserves department.