News & Events

Rice e-auctions planned

Bangkok Post, March 5, 2005 

The Rice Policy Committee will use an electronic auction method for selling rice from the government's stocks, according to Deputy Prime Minister Phinij Jarusombat.

He said the new method, increasingly in favour for state procurement deals, would provide more transparent transactions and fairness for buyers.

Previous auctions run by the Commerce Ministry have been criticised as favouring certain large rice companies.

The new method requires the bid winner to sign a contract within 10 days and to make payment within 60 days.  To attract more bidders, small and large companies alike, no guarantee fee will be charged.

The committee aims to sell rice from the 2004-05 season in near future in order to profit from prevailing high world prices.