The price of Vietnamese rice as of August 23, 8 stood at the highest level in the world, higher than the price of Thai rice. Currently, the world's rice demand continues to increase. This is a great opportunity for export, but still need to be on guard against risks.

There are about 2,67 million tons of rice left for export

According to the Vietnam Food Association, at the end of the trading session on August 23, Vietnam's export rice price maintained the highest position in the world. Accordingly, the price of 8% broken rice is at 5 USD/ton; 638% broken rice at $25/ton. Domestic rice prices continue to inched up but rice prices tend to decrease in the following days.

In Hanoi, the price of rice at markets increased by about 1.000-2.000 VND/kg, depending on the type. In supermarkets, rice prices remained stable. The domestic rice supply is abundant and there is no sign of shortage. In the world market, the demand for rice is still increasing. Mr. Nguyen Canh Cuong - Counselor, Ambassador, Trade Office of Vietnam in the UK said, with a community of more than 5,5 million people of Asian descent, the demand for rice in the UK is very large while this country is absolutely not. For rice cultivation, all consumption needs must be imported. In 2022, the UK imported 3.399 tons of rice from Vietnam, an increase of 24,5% compared to 2021, export value reached more than $ 3,7 million, an increase of 34% compared to 2021. Vietnam is currently a rice exporter. 14th largest in the UK, but the market share is quite modest (0,6%).

Vietnamese rice in the UK is mainly sold to the Vietnamese community and part of the Chinese, Thai, Malaysian, and Filipino communities with retail prices in supermarkets ranging from 58.000 to 72.000 VND/kg. The popular Vietnamese rice brands in the UK are eight fragrant rice, broken rice, sticky rice, ST25 (Mr Cua rice). “Despite being a major rice exporter in the world, Vietnamese rice exported to the UK as well as many other countries is often sold under the brand name of distributors, making consumers unaware of the origin of rice from Vietnam. . Therefore, branding is a long-term solution for Vietnamese rice to maintain market share in the UK once the quality of Vietnamese rice has conquered consumers.

If actively marketing professionally, including promoting in the local media in English, Vietnamese rice exporters will certainly increase their market share in the UK, including the market segment. are restaurants serving Asian tourists, which account for a large number of the tens of millions of tourists coming to the UK every year,” said Mr. In order for Vietnamese rice to enter the UK market, especially thanks to the competitive advantage thanks to the UKVFTA Agreement, exporters need to take advantage of the "golden opportunity" to ask rice distributors in the UK to use the Vietnamese rice brand. Nam, instead of a distributor's brand, helps raise awareness among British consumers about Vietnamese rice.

According to the Ministry of Agriculture and Rural Development, in 2023, the whole country planted 7,1 million hectares, the average yield reached 6,07 tons/ha, the output reached over 43,1 million tons, an increase of 452.000 tons compared to the previous year. In 2022. With the above expected rice output, in addition to ensuring domestic food security, processing, breeding and breeding, Vietnam can export over 7,5 million tons of rice in 2023. In 7 The first month of 2023 exported 4,83 million tons, leaving about 2,67 million tons for export in the remaining 5 months of 2023.

Control the increase in domestic rice prices

Assoc. Prof. Dr. Dinh Trong Thinh - Academy of Finance said that the price of Vietnamese rice is currently the most expensive in the world, first of all, it is good news, because, so far, the price of Vietnamese rice has always been lower than that of Thailand. However, higher export prices will push up domestic rice prices. Therefore, businesses need to consider and calculate how to be reasonable. “The price of rice is so high that farmers should get the most benefit, but that may not be the case. Another issue that businesses should also note is that this price fluctuation only takes place in a short time, increases and stands at a very high level, but then decreases and returns to the equilibrium level.

This level is usually much lower than the peaked level. Therefore, businesses need to be very careful, if businesses are not alert, "swinging at the top" will lead to "getting old and breaking the rope" - Assoc. Prof. Dr. Dinh Trong Thinh analyzed - "Besides boosting exports When the new crop arrives, the rice market returns to normal, the rice in stock cannot be sold at a high price, causing damage to businesses. industry and for the rice industry. In addition, it is necessary to prevent violations of price listing, speculation, hoarding, and unreasonable pricing for rice products.

Commenting on the rice market in the past time, market expert Vu Vinh Phu said that not only people but businesses are also happy because the revenue and profit from rice exports has increased - "The most encouraging thing is that although The world rice market fluctuated greatly, but the domestic consumption market remained stable. From the above, it can be seen that this is a positive signal that contributes to boosting our economy from now until the end of the year, especially during this difficult period."

However, Mr. Vu Vinh Phu said that it is necessary to pay attention to information that the market has begun to have the phenomenon of buying and collecting rice for speculation, waiting for the price to rise to profit. “Rice, which accounts for the majority of the “basket” of CPI-calculated goods. Therefore, how to control well, not to let the price of rice increase suddenly, affecting and disturbing people's lives. Rice is an essential commodity, if the price suddenly increases, many other items will increase, such as vermicelli, pho, and services. But in the past, the type of service that was supposed to go up the fastest but almost never went down. With this concern, from the Government to ministries, departments, branches and businesses, people have to take into account and join hands to control "- Mr. Vu Vinh Phu said.

Along with that, it is necessary to find the most effective way to improve the capacity of rice exports to the international market, from completing the production chain, applying science and technology to the system of warehouses and export seaports. export. Further, according to Mr. Vu Vinh Phu, we can create a rice export industry, even, turn Vietnam into a rice export center of the world.

Assoc. Prof. Dr. Ngo Tri Long also said that although the world price of rice has increased, in Vietnam, in recent days, the price of rice sold on the market has not changed much, especially in supermarkets and points of sale. price stabilizer. This result is partly due to the fact that over the past time, the system of supermarkets and price-stabilizing points of sale has strictly followed the direction of the Ministry of Industry and Trade in stabilizing the prices of essential products, including: rice goods.

Strengthening inspection and control of the rice market

The General Department of Market Management, the Ministry of Industry and Trade has sent an Official Letter to the Information Management Departments of the provinces and centrally-run cities on strengthening the inspection and handling of violations on speculation, hoarding, and real estate valuation. reasonable for rice products. In particular, the General Department of Information Management requested the local Information Management Departments, strengthen the management of the area, deploy professional measures to grasp the market situation, supply - demand, selling price of rice products. in order to develop a plan for inspection and supervision and propose solutions to contribute to stabilizing the market; Actively coordinate with local authorities to closely monitor the market for rice prices, inspect and control business establishments, wholesale and retail outlets, markets, supermarkets and centers. trade and warehouses in order to control supply and selling prices, prevent violations of price listing, speculation, hoarding, and unreasonable buying and selling prices for rice products; At the same time, it is necessary to strengthen inspection and prevent the transportation and trading of rice of unknown origin and origin and strictly handle according to the provisions of law for violating organizations and individuals, in order to contribute to ensuring the quality of rice. firmly ensure national food security and promote sustainable rice production and export.

Source: Vietnam.vn