Along with the decline in export rice prices, domestic retail rice prices have now turned to decrease with a fairly wide amplitude and focused on the affordable rice segment.
Retail rice prices fall with wide amplitude
Keeping the habit of going to the traditional market, Ms. Thu Trang (Hoang Mai district, Hanoi) stopped by a rice dealer on Kim Nguu street to buy rice. When paying, she was quite surprised to see that the price of domestic rice had decreased significantly.
“Normally, I only buy rice once a month. During the recent Lunar New Year, I also received some rice as a gift from an acquaintance. The demand for rice during Tet is not much because I have to travel between my paternal and maternal hometowns. Today, I went to buy rice and was quite surprised because the price of rice has dropped sharply, for example, Thai jasmine rice, 10kg of rice is reduced by 20,000 VND,” said Ms. Thu Trang.
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| Domestic retail rice prices have turned downward. Illustrative photo. |
This morning (February 21), Ms. Thu Hoai (Dong Da District, Hanoi) also went to buy rice. The item she chose was Dien Bien rice. She said: “Before Tet, the price of rice was around 196,000 VND/kg, but now it has dropped to 190,000 VND/kg. I don’t use much rice in a month, so the price of rice is not a big concern for me.
However, for restaurants or collective kitchens, the decrease in domestic rice prices helps them gain more profit. Ms. Hoa, owner of a street food restaurant (lane 6, Phuong Mai street, Dong Da district, Hanoi) said that if the shop sells 20-30 kg of rice each day, the shop will save about 60,000 VND in costs. Thus, the whole month will save 1.8-2 million VND in rice costs.
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| Rice price sign at a dealer on Kim Nguu street, Hai Ba Trung district, Hanoi |
According to reporters from Cong Thuong Newspaper at some traditional markets and rice dealers in Hanoi, the current price of rice sold by traders ranges from 6,000 - 20,000 VND/10kg compared to before Tet.
Specifically, currently, Bac Huong rice is being sold at 185,000 VND/10kg; Nhat Jasmine rice is being sold at 197,000 VND/10kg; green Thai rice is being sold at 175,000 VND/10kg; red Thai rice is being sold at 170,000 VND/10kg; Dien Bien Tam rice and Hai Hau rice are both being sold at 190,000 VND/kg; new Jasmine rice is being sold at 170,000 VND/10kg; BC rice and Khang Dan rice are being sold at 145,000 VND/10kg and 140,000 VND/10kg, respectively;…
The level of discount on retail rice prices in the domestic market also depends on each agent and store. The reason is that some agents or stores have previously imported goods at high prices, and the amount of imported goods has not been sold out, so it cannot be reduced immediately but needs a delay. In addition, related costs such as transportation, storage, and labor have all increased, making it difficult for prices to decrease quickly. Some stores said that when they sell out the rice they are storing in the warehouse and import new goods at a reduced price, they will reduce the retail price for consumers.
Along with Hanoi, in Ho Chi Minh City, retail rice prices have also begun to cool down, with a decrease of about 10,000 - 20,000 VND/10kg. In particular, at some traditional markets in Ho Chi Minh City, the cheapest price of Jasmine fragrant rice, fluffy broken rice, and fragrant broken rice is 180,000 VND/10kg; soft rice is 190,000 VND/10kg; Nang Hoa rice is 220,000 VND/10kg; Jasmine vermicelli rice is 25,000 VND/10kg... Rice suppliers have reduced prices, so retailers have also reduced prices. Some stores have changed their rice price signs, but there are also stores that still keep the listed prices as before Tet and only notify customers when they make a purchase.
New focus on affordable rice segment
Notably, in big cities like Hanoi or Ho Chi Minh City, rice prices have mostly decreased in the mid-range segment, while high-end and branded rice prices have not decreased. Specifically, premium ST25 rice costs VND410,000/10kg; ST25 rice-shrimp rice costs VND430,000/10kg; premium rice costs VND520,000/10kg and organic ST25 is VND800,000/10kg...
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| The number of customers coming to buy rice at the agents at this time is quite low. |
The limited supply is a factor that helps rice prices stay stable. However, for both high-end and mid-range rice segments, the number of customers coming to buy rice at dealers is quite low at this time. The reason is that Tet has just ended, so every household has stored rice at home, so it is usually not until the end of the first lunar month that customers start buying rice again.
While retail rice prices at stores, agents, and traditional markets have turned downward, supermarkets have not yet reduced prices because they focus on the mid- and high-end segments, which fluctuate less. Furthermore, supply contracts between supermarkets and distributors are often long-term and have delays, making retail prices less affected when raw rice prices decrease.
Updated on the morning of February 21, according to the Vietnam Food Association (VFA), the export price of 5% broken rice from Vietnam is still at 394 USD/ton; the export price of 25% broken rice is at 369 USD/ton; the export price of 100% broken rice is at 310 USD/ton. This price has been stable for the past 4 consecutive days. However, compared to the world's leading rice exporting countries, Vietnam's export prices of 5% broken rice and 25% broken rice are lower than those of Thailand and India, but higher than those of Pakistan. The gap in export prices of rice between countries is also gradually narrowing. According to experts, the fact that Vietnamese rice prices remain low is also a factor that forces other countries to reduce their offering prices to increase competitiveness. Some opinions say that the current stable export price of Vietnamese rice is also a detail showing that rice prices have really hit rock bottom and are unlikely to decrease further. |
Source: https://congthuong.vn/gia-gao-ban-le-trong-nuoc-quay-dau-giam-374951.html
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