Vietnam is considering allowing additional rice export contracts to be signed next month due to the surging commodity prices in the world, local media reported Wednesday.

The government put a halt on rice exports after official targets were met earlier this year, but the rising global prices have driven the Vietnam Food Association (VFA) to ask the government to reconsider the policy, Vietnam News reported.

The government has targeted a rice export volume of 4-4.5 million tons this year to ensure domestic food security.

As of the end of July, Vietnam has signed export contracts of 4.5 million tons of rice, including 1.85 million tons which will be delivered early next year, said the VFA.

Vietnamese rice is now being exported at about US$292-312 per ton, up $30-40 dollars compared to two months ago. The VFA predicts the rice prices to continue climbing as global supply declines.

The Ministry of Agricultural and Rural Development estimates that the output of paddy rice in Vietnam will reach 36 million tons this year, of which 4.9 million tons will be commercial rice for export.

Asia is the main export market of Vietnamese rice, accounting for 76.6 percent of total volume, while Africa and the US consume about 14.3 percent and 5.9 percent, respectively.

Last year, the country shipped over 4.7 million tons of rich worth 1.3 billion dollars. (Vietnam News)