'Our senior officials plan to go to Iran by the middle of November to discuss the specifications of oil and rice that would be exchanged,' Commerce Minister Chaiya Sasomsab told reporters.

Thailand would also continue talks with Iran, one of its key buyers, on a straight government-to-government deal for selling rice.

Mr Chaiya also said Thailand could put on hold its plan to release 2.1 million tonnes of old rice from its stockpile.

'We could hold back the plan for at least two months while Vietnam is selling its rice at cheaper prices, otherwise we would suffer losses,' he said.

Vietnam's export price is quoted at around US$400 (S$604.52) per tonne, compared with US$630 for Thailand's benchmark rice. -- REUTERS