Monday, April 15,2024 - 7:41 GMT+7  Việt Nam EngLish 

DAILY: Domestic rice price down but export rice up on February 20 

 Tuesday, February 20,2024

AsemconnectVietnam - On Tuesday, paddy and rice prices in Vietnam's Mekong Delta region fluctuated in opposite directions compared to Yesterday. While rice prices have stabilized, rice prices dropped sharply by 500 - 1,000 VND/kg but export prices increased, according to Kinhtedothi.

Accordingly, in An Giang, updated by the Department of Agriculture and Rural Development of An Giang province, the price of IR 504 rice is at 8,800 - 9,000 VND/kg; Dai Thom 8 rice is at 9,300 - 9,500 VND/kg; OM 18 rice is at 9,200 - 9,400 VND/kg; OM 5451 rice is at 9,200 - 9,400 VND/kg; Nang Hoa 9 remains stable at 9,400 - 9,600 VND/kg; OM 380 rice fluctuates around 8,600 - 8,800 VND/kg.
Recorded in the Mekong Delta provinces, new rice trading was slow at the beginning of the week due to falling rice prices and slow buying by traders and customers.
In the rice market, today the supply of raw rice has arrived more, warehouses are buying slowly, and the buying price has dropped sharply compared to last weekend. In Kien Giang, the factory actively offers a lot for sale but the warehouse buys very slowly.
Specifically, at market rice warehouses in An Cu and Cai Be (Tien Giang), the price of raw rice OM 18 and Dai Thom 8 is at 13.00 - 13.7010 VND/kg, down 500 - 600 VND/kg; OM 5451 raw rice fluctuates around 12,200 - 12,500 VND/kg, down 700 - 800 VND/kg.
In Sa Dec (Dong Thap), fragrant rice is at 12,400 - 12,500 VND/kg, down 600 - 700 VND/kg; beautiful fragrance 12,800 - 12,900 VND/kg, reduced 500 - 600 VND/kg; OM 5451 rice 12,000 - 12,200 VND/kg, down 900 - 1,000 VND/kg, IR 504 at 12,400 - 12,500 VND/kg. In the export market, Vietnam's export rice price increased slightly by 1 - 2 USD/tonne. According to the Vietnam Food Association (VFA), the current price of 25% broken rice is at 612 USD/tonne, an increase of 2 USD/tonne; 5% broken rice at 638 USD/tonne, up 1 USD/tonne; 100% broken rice at 533 USD/tonne.
On the early days of February, Vietnam's 5% broken rice was sold overseas for 638 USD per tonne, surpassing Thai rice of the same grade by 10 USD per tonne. According to the Vietnam Food Association, the export prices are likely to be pushed up in the coming time, as many countries begin to increase imports and India continues to maintain its ban on exporting certain types of rice.
Vietnam's rice exports are expected to continue their upward trajectory this year, toward a milestone of 5 billion USD in turnover.
The year marks a period of anticipated volatility in the global rice market, encompassing fluctuations in production and demand, as well as related policies from leading exporting nations. Hence, innovation in production and flexible export management are crucial conditions for the Vietnamese rice industry to achieve its growth targets.
According to the Ministry of Agriculture and Rural Development, despite a trend of narrowing the rice cultivation area nationwide, the farming sector aims to maintain a stable plantation of 7.1 million hectares in 2024. The output of the grain is projected to exceed 43 million tonnes, with about 8 million tonnes for export.
This year’s forecast also suggests that the prices of agricultural input materials will remain high, with potential risks of crop disease outbreaks as well as El Niño-induced severe droughts and water shortages. Therefore, the agricultural sector is set to instruct localities to adjust production plans and structure suitable crop seasons to stabilise the rice supply, especially high-quality sources serving export. Engaging in innovative production activities, many enterprises are focusing on developing varieties and providing scientifically sustainable farming solutions for farmers.
Indonesia has concluded its bidding process for 17 rice packages with a total volume of 500,000 tons. It is a good news that Vietnam has won 8 out of the 17 packages.As per the Indonesian National Logistics Agency (Bulog), Vietnam has won 8 out of 17 bidding packages, with a focus on 5 businesses.
Among these, three major enterprises - the Loc Troi Group Joint Stock Company (LTG), the Vietnam Northern Food Corporation (Vinafood 1), and the Vietnam Southern Food Corporation (Vinafood 2) - each won two lots.
Vietnam stands out as the only country with multiple businesses participating and securing a substantial number of bids.
According to the General Department of Vietnam Customs, Indonesia surpassed China to become Vietnam’s second-largest market for rice exports in 2023, with total export volumes reaching 1.16 million tons, amounting to 640 million USD.
T.Huong
Source: Vitic/Kinhtedothi

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