Rice prices continue to fall sharply, Prime Minister gives urgent instructions

(Dan Tri) - The Prime Minister directed to increase inspection, supervision and monitoring of trading by businesses and traders to avoid taking advantage of the situation to force down prices, profiteering and unfair competition.

Prime Minister Pham Minh Chinh has just signed an official dispatch on management to ensure balance between rice supply and demand in the face of developments in the world and domestic markets.

The telegram stated that in recent years, rice production and export have maintained stable development and achieved remarkable results. However, in the first months of this year, global rice trade has been complicated, and world supply has become surplus.

Besides, import demand of countries around the world has decreased, with no sign of recovery in the short term, and major import markets are cautious in stockpiling and purchasing rice.

Due to the impact of global supply and demand, Vietnam's rice exports in the first two months of this year tended to decline due to continuously decreasing export prices.

Domestically, the provinces in the Mekong Delta are currently harvesting the winter-spring rice crop, so the rice purchase price has decreased significantly compared to the same period in 2024.

The Prime Minister directed the Minister of Agriculture and Environment to coordinate with ministries, sectors and localities to closely monitor developments in the world rice market, especially policy adjustments in major rice exporting countries such as India, Thailand, etc., thereby grasping the demand for rice imports in markets with much room for growth such as the US, Japan, and Africa to provide and update information to localities and businesses to make timely adjustments to production and export plans in line with market developments.

The Minister of Industry and Trade shall preside over and coordinate with the Ministry of Agriculture and Environment and local People's Committees to establish an interdisciplinary inspection team to inspect the implementation of rice purchasing and import and export, contributing to a healthy market, especially the ability to reserve compulsory reserves.

Global rice trade is complicated, world supply is becoming surplus (Photo: VGP).

The Governor of the State Bank of Vietnam directed research and calculation to expand the quota and loan term for capable enterprises with warehouse systems to temporarily purchase rice during periods of market fluctuations and low purchase prices.

The State Bank of Vietnam directs commercial banks to create favorable conditions for people and businesses to access credit capital with preferential interest rates, meeting credit needs for rice purchasing and exporting, especially purchasing winter-spring rice in the Mekong Delta provinces.

Chairmen of People's Committees of provinces and centrally run cities shall step up market management; strengthen inspection, examination and supervision of the buying and selling situation of key enterprises and traders, avoiding taking advantage of the situation to force down prices, profiteering and unfair competition among enterprises.

Rice export businesses proactively seek markets, actively purchase and temporarily store rice for farmers, register and provide information on temporary storage capacity to the Provincial People's Committee, and report to the Ministry of Agriculture and Environment to serve the direction of production and consumption.

Source: https://dantri.com.vn/kinh-doanh/gia-gao-lien-tuc-giam-manh-thu-tuong-chi-dao-khan-20250305092745924.htm