PM fires warning shot to rice barons in Vietnam

Vietnam’s prime minister has warned that rice speculators face severe punishment after rocketing prices of the grain in recent days led to panic buying.

State media quoted Nguyen Tan Dung as saying late yesterday that supplies in Vietnam were “completely adequate” for domestic consumption. Vietnam is the world’s second-biggest rice exporter.

Traders and media reports said today that crowds of people flocked to rice markets in Ho Chi Minh City, the country’s largest city, to stock up on the grain, which has risen by up to 100% over the last 48 hours.

Mr Dung warned that any organisations and individuals speculating in the commodity would be “severely punished”.