Rice prices on 08/9/2024: Slight domestic fluctuations

Rice prices on August 29 domestically

On August 29, rice prices In the Mekong Delta region showed mixed movements. Specifically:

• Fresh An Giang sticky rice is stable at VND 7,000 – 7,200/kg, while fresh Long An sticky rice is around VND 7,400 – 7,600/kg.
• Dry Long An sticky rice is priced at VND 7,000 – 7,900/kg, and fresh IR 4625 sticky rice is stable at VND 7,400 – 7,600/kg.
• IR 50404 rice is holding steady at VND 7,900 – 8,000/kg (up by VND 100), while Dai Thom 8 rice remains at VND 8,600 – 8,800/kg.
• OM 5451 rice is trading at VND 8,200 – 8,400/kg; OM 18 rice is priced at VND 8,600 – 8,800/kg.
• OM 380 rice is around VND 7,600 – 7,800/kg, and Japonica rice is at VND 7,800 – 8,000/kg.
• Dry Nang Nhen rice is trading at VND 20,000/kg, and Nang Hoa 9 rice is priced at VND 6,900 – 7,000/kg.

On the other hand, rice prices have slightly decreased today due to limited supply and slow transactions, with few high-quality rice available:

• IR 504 Summer-Autumn paddy is priced at VND 11,450 – 11,550/kg (down by VND 50-100).
• Processed IR 504 rice is at VND 13,450 – 13,550/kg (down by VND 50).
• Sticky rice is priced between VND 16,000 – 20,000/kg.
• Common rice is trading at VND 15,000 – 16,000/kg, and Nang Nhen rice is at VND 28,000/kg.
• Other rice varieties are stable. Accordingly, Thai fragrant long-grain rice is priced at VND 20,000 – 21,000/kg. Jasmine rice is at VND 18,000 – 20,000 /kg. Huong Lai rice remains at VND 20,000/kg. Common white rice is trading at VND 17,000/kg. Nang Hoa rice is at VND 20,000/kg. Soc rice is holding steady at VND 18,500/kg, and Thai Soc rice is at VND 20,000/kg. Taiwanese fragrant rice is priced at VND 21,000/kg, and Japanese rice remains at VND 22,000/kg.
• Broken OM 5451 rice is priced at VND 9,400 – 9,500/kg, while dried rice bran is at VND 6,900 – 7,050/kg (down by VND 100).

In the export market, 100% broken rice is priced at $ 440/ton, and standard 5% broken rice is at $ 578/ton. 25% broken rice is priced at $ 544/ton.

Thus, rice prices domestically on 08/29/2024, have decreased slightly for rice but increased slightly for paddy.

Workshop on financial access in low-emission rice value chains in Vietnam

A workshop on financial access in low-emission rice value chains in Vietnam, co-organized by the Ministry of Agriculture and Rural Development, the Vietnam Rice Association (VIETRISA), and the International Rice Research Institute (IRRI), took place on August 27-28 in Ho Chi Minh City.

The workshop aimed to share practical experiences and recommendations for scaling up low-emission rice production, seeking solutions to improve financial access for stakeholders in the rice value chain, and exploring the needs and formation of a carbon credit market for this new and challenging sector.

Speaking at the workshop, Mr. Nguyen Do Anh Tuan, Director of the International Cooperation Department (Ministry of Agriculture and Rural Development) – highlighted the importance of the rice sector as a traditional and vital industry for Vietnam, providing livelihoods for millions of farmers nationwide. Despite global market fluctuations, changing consumer preferences, and climate change, Vietnam’s rice sector continues to maintain sustainable production and exports.

However, the growing trend of green consumption globally, with new policies for green production and environmental and carbon standards for import and export products, could impact the sector. Mr Tuan emphasized that if traditional practices continue, the sector could fall behind and negatively affect the livelihoods of millions of farmers in the Mekong Delta.

The “1 Million Ha of High-Quality, Low-Emission Rice” project is significant for agriculture, the economy, and climate change adaptation and mitigation goals in Vietnam. “To reduce greenhouse gas emissions, we need to understand and assess how these changes will impact businesses, financial institutions, and farmers directly affected”, Mr Tuan shared.

Accessing finance through the rice value chain to benefit farmers and agricultural organizations requires the participation of financial institutions and financial products and tools to accurately assess potential risks.

The two-day workshop provided an open space to discuss experiences and identify key challenges in accessing and providing finance for low-emission rice production. Based on pilot projects and practical experiences in low-emission rice projects, participants considered the potential to scale successful models…

$ 1 = VND 24.660 – Source: Vietcombank.