Rice prices in many provinces in the West decreased by 2,000 VND per kilogram, to 7,500-8,500 VND, the lowest level in the past six months.
Mr. Nguyen Van Dong (Thap Muoi district, Dong Thap province) is preparing to harvest nearly one hectare of Winter-Spring rice variety OM 5451. Last month, traders placed a deposit to buy from him at 9,100 VND per kg, but now they only agree to pay 8,300 VND.
"I took the deposit first so I got this price, many people had to sell lower," he said.
Farmers in Thap Muoi district, Dong Thap province harvest the 2024 Winter-Spring rice crop. Photo: Ngoc Tai
Not far from Mr. Dong's field, Mr. Mai Van Tuan sold to traders at 7,500 VND per kilogram, down nearly 2,000 VND compared to a week ago. "The rice has to be cut when it's ripe, and waiting for the price is not an option," he said. The price has been continuously falling for the past week, causing rice farmers like Mr. Tuan to lose nearly 20 million VND per hectare.
Similarly, purchasing prices in An Giang and Kien Giang also decreased. Currently, the Western provinces are in the winter-spring rice harvest season with a sown area of about 1.4 million hectares, with an average yield of 7.2 tons per hectare.
According to Mr. Nguyen Van Don, Director of Viet Hung Company Limited ( Tien Giang ), rice prices have decreased, and countries importing rice from Vietnam are buying sparingly and have not yet signed new contracts. Domestically, export enterprises have limited capital so they are also hesitant to buy when there are no new contracts.
However, Mr. Hung said that the price of 7,500-8,500 VND per kg has hit rock bottom and it is difficult to reduce it further. Because India has maintained export restrictions after the election, the world supply is not abundant. Overall, this year's winter-spring crop, rice farmers still make a profit because the high price has been maintained throughout the past time, averaging 25-30 million VND per hectare, 40-50% more than last year.
Two days ago, according to an update from the Vietnam Food Association, the export price of 5% broken rice was $609 per ton, down $19 from the previous day. Thai rice of the same grade was $611 per ton, down $3. Compared to the peak export price in early 2024, this agricultural product has dropped $50 per ton.
In 2023, the country's rice exports will reach 8.13 million tons with a value of 4.7 billion USD - a record for the Vietnamese rice industry.
Ngoc Tai
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