After a slight increase in domestic rice prices on February 20-21, the first two days of the Government stockpiling program, rice traders and businesses in the Mekong Delta believe there will be no further hike.
|Businesses in the Mekong Delta believe there will be no further increase in domestic rice prices (Photo: SGGP)|
The Government rice stockpiling program was launched on February 20 and will last until the end of March.
The slight price hike was explained as export price being too low in January--about US$380-390 per ton for five percent broken rice, which led to businesses not purchasing at a higher price.
Price of rice in the Mekong Delta has not increased further after a slight hike in the first two days of the rice stockpiling program.
Traders are now paying VND4,300-4,400 a kilogram for low quality 50404 variety in Tien Giang, Dong Thap and Long An Provinces. The price is swinging between VND4,500-5,200 a kilogram for high grade rice.
The Ministry of Agriculture and Rural Development has said that the country exported 677,000 tons worth $310 million by February, an increase of 68 percent in volume but reduction of 15.4 percent in value over the same period last year.
Average export price in the first two months of this year was $457 per ton, down by 20 percent year-on-year.