Rice prices hit their lowest level in six months.

Rice prices in many provinces in the Mekong Delta have fallen 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 OM 5451 winter-spring rice. Last month, traders placed a deposit to buy from him at 9,100 VND per kilogram, but now they are only willing to pay 8,300 VND.

"I got this price because I paid a deposit upfront; many others had to sell for less," 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 rice field, Mr. Mai Van Tuan sold his rice to traders for 7,500 dong per kilogram, a decrease of nearly 2,000 dong compared to the previous week. "Ripe rice must be harvested; waiting for a better price is not an option," he shared. The continuous price drop over the past week has caused rice farmers like Mr. Tuan to lose nearly 20 million dong per hectare.

Similarly, purchase prices in An Giang and Kien Giang provinces have also decreased simultaneously. Currently, the provinces in the Mekong Delta are harvesting the winter-spring rice crop with a sown area of ​​approximately 1.4 million hectares and an average yield of 7.2 tons per hectare.

According to Mr. Nguyen Van Don, Director of Viet Hung Co., Ltd. ( Tien Giang ), rice prices have fallen because countries importing Vietnamese rice are buying cautiously and have not yet finalized new contracts. Domestically, export businesses have limited capital and are therefore hesitant to purchase until new contracts are secured.

However, Mr. Hung believes that the price of 7,500-8,500 VND per kilogram has hit rock bottom and is unlikely to fall further. This is because India maintains export restrictions after the election, and the global supply is not yet abundant. Overall, rice farmers are still making a profit this winter-spring season due to consistently high prices, averaging 25-30 million VND per hectare, 40-50% higher 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 decreased by $50 per ton.

In 2023, Vietnam's rice exports reached 8.13 million tons, valued at $4.7 billion – a record high for the Vietnamese rice industry.

Ngoc Tai

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