Rice prices rise again, retailers pledge to keep prices

As of October 30, rice prices at retail stores and traditional markets have shown an upward trend. At a rice store in Le Hong Phong Market (District 10), the retail price of rice is currently at VND17,000 - 25,000/kg (depending on the type), an increase of VND1,500 - 2,000/kg compared to early October 2023.

“The increase in rice prices at the agents forced the retail stores to increase because we did not make much profit. Customers also bought little by little, not as much as before, so I did not stock much,” said Ms. Le Oanh, a store representative.

Rice prices in traditional markets increased again. — Rice prices at traditional markets have increased again. Photo: Ha May

While retail rice prices on the market have fluctuated slightly, many retail businesses in Ho Chi Minh City said they are trying to keep prices stable for rice so that customers can shop.

At the Co.opmart supermarket system from now until November 15, 2023, this retailer continues to apply a discount on Neptune ST24 and ST25 rice, 5kg, down to 175,000 VND/5kg bag.

A representative of Saigon Co.op said that thanks to signing contracts with suppliers in advance and asking partners to maintain prices, the reserves are abundant. Therefore, the selling price of rice at distribution systems is not only stable but also discounted at various times to support consumers.

At Emart supermarket chain, Meizan fragrant rice 5kg is being discounted up to 41% from 148,000 VND/bag to 88,000 VND/bag. At GO!, Big C, Tops Market... supermarkets, rice prices are also stable.

According to Ms. Ly Kim Chi - President of the Ho Chi Minh City Food and Foodstuff Association, there are 11 groups of goods with 44 companies participating in the city's price stabilization program, mainly essential goods such as rice, meat, eggs, vegetables... Enterprises have all committed to not increasing prices from now until the end of the year to stimulate shopping.

According to the Ho Chi Minh City Statistics Office, the city's consumer price index in October 2023 increased by 0.37%; of which 4/11 commodity groups decreased, namely transportation, postal and telecommunications services, household appliances and equipment, food and catering services. 7/11 remaining groups increased compared to the previous month, the highest increase was in the education group.

The food and catering services group decreased by 0.03%, of which the food group increased by 0.38%, mainly due to the continued increase in rice prices of 0.51% as the Philippines announced not to reduce import tax.

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