In the Mekong Delta, traders and businesses have reduced purchase because they have stockpiled enough for signed contracts. However, prices of many rice varieties have been VND500-1,000 higher than the same period last year.
IR 50404 is now priced VND5,100-5,200 a kilogram of fresh rice and VND6,000-6,200 a kilogram of dried rice. Long grain varieties are sold at VND5,300-5,600 a kilogram of fresh rice and VND6,300-6,600 a kilogram of dried rice.
In the northern region, rice prices have been higher than the same period last year since October. Medium quality varieties such as IR50404, Khang Dan and BC15 have hiked by VND800-1,000 to VND12,000-15,000 a kilogram. High quality rice prices have surged from VND2,000-5,000 a kilogram.
Many businesses said that rice consumption had been good but they were still cautious about signing new export contracts to prevent rice shortage for delivery as farmers in the Mekong Delta have almost reaped autumn winter rice and sold right after harvest.