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Spoiling Rice Shows Perils of Protectionism

In Vietnam, some 300,000 tons of rice are stuck at ports nationwide

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The owner of one of Vietnam’s biggest rice exporters, Nguyen Quang Hoa, can only watch as 500 containers of sticky rice stranded in a port container yard for a month slowly degrades, reports Bloomberg.

If he doesn’t ship the 12,500 tons of rice soon, he’s worried his Chinese clients will reject it, and his company will be forced to default on $13 million in bank loans.

Hoa is one of more than 100 traders in Vietnam hurt by a government measure last month to restrict shipments on concerns that global demand will spike as the coronavirus upends supply chains.

While the world’s third-biggest rice exporter has since reopened some trade, hundreds of thousands of tons of spoiling rice at the country’s ports show the dangers of curbing exports.

Read the full report at Bloomberg.

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