HANOI (Commodity Online) : In yet another attempt to stabilize domestic rice prices, Vietnam’s Food Association said that it planned to buy an additional 500,000 tons rice in September.

In a statement issued here, VFA said it will buy rice at the price of 3,800 Vietnamese dong (21 U.S. cents) a kilogram. The price allows local rice growers to have profits of at least 30 percent at the time when rice price is falling in domestic market.

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The move is part of the association's plan to buy 2 million tons of rice for exports this year.

According to the association, local companies have so far this year signed contracts to export 5.6 million tons of rice.

Vietnam exported about 4.7 million tons of rice in the first eight months of this year, bringing home $2.14 billion, up 43 percent year-on-year in volume, down 1.4 percent year-on-year in value, according to the General Statistic Office of Vietnam.