MM Mega Market will not increase the price of rice in August

Prior to the present "rice fever," MM Mega Market Vietnam (MM) reports that consumers' purchasing power for rice increased by 30–40%. 

In light of this, MM pledges not to increase the price of rice in August. However, the projected sale price for September may increase marginally. As of now, the price adjustment in advance of market pressure is inevitable. 

In addition, MM collaborated directly with suppliers and communicated the anticipated number of products to be sold over the next three months. The supplies doubled and tripled in comparison to the average volume of sales over the preceding three months. 

Rice is also one of MM's most important private-label products (under the We Are Fresh and MM Bio labels). Therefore, MM always guarantees a stable supply by directly regulating the output and quality of rice plantations.

Particularly, MM is applying for numerous promotions on rice prices from August 17 through August 30 for products including Nang Thom rice (5kg bag), ST25 rice own-brand MM Bio bag (5 kg), Nang Huong rice own-brand MM Bio bag (5 kg), MM Bio own-brand purple brown rice (2kg box), and MM Bio own-brand black brown rice (1kg box).

Additionally, MM discounts perishable foods. Specifically, the discount ranges from 10% to 17% for we Are Fresh's own brand meat; imported meat decreased by 15% to 20%; seafood and seafood decreased from 10% to 25%, with imported salmon decreasing by 17% to 19%; vegetable reduction level up to 23%; Fruit reduction level up to 25%.

MM also offers discounts of up to 34% for frozen goods (hams, sausages, kimchi, etc.); discounts of up to 25%, multiplied by 2 accumulated points, purchase many benefits for dry food, drinks, and ingredients (fish sauce, soy sauce, cooking oil, chili sauce, etc.); and discounts of up to 34% for dry food, drinks, and ingredients (fish sauce, soy sauce, cooking oil, chili sauce...).

In order to satisfy the demand for moon cakes during the Mid-Autumn Festival, MM has begun selling moon cakes early under the brand names Kinh Do, Dai Phat, Huu Nghi, Orion, and Bibica. The brands will be available at the terminals of 21 locations nationwide from August 20 to September 29. Particularly at MM An Phu, sales of HCM began on August 15th.

In recent months, increased demand on the international market has caused domestic rice prices to rise.

The export price of Vietnam's 5 percent broken rice reached a new high of USD 638 per tonne on August 11, and USD 618 per tonne for 25 percent, an increase of USD 105 per tonne from the previous month. In July of 2023, the global market prices attained their maximum point in the previous fifteen years and five months.

The average price of rice on the domestic market rose by 16.3 percent in August compared to the previous month, reaching VND7,786 per kilogram. The average price per kilogram of conserved rice has increased by 12 percent to reach VND9,417.

Premium white rice saw the greatest increase of 29.4 percent, reaching VND14,925 per kilo; 5 percent broken rice saw an increase of 26.7 percent, reaching VND14,633 per kilo; and 15 percent and 25 percent broken rice saw an increase of 27 percent, reaching VND14,033 per kilo.

In some instances, traders had to compete in bidding wars to acquire immature rice from farmers in the Mekong Delta, the nation's largest rice-producing region, thereby driving up prices. Some exporters of rice have reported a nearly 50 percent increase in input costs for specific varieties over the past month.

Due to difficulties in procuring inputs and lengthening delivery times, rice mills have been compelled to reduce production due to sharp price increases.

Tuesday, the Ministry of Industry and Trade issued a directive to improve market information transparency, promote trade, expand export markets, and stabilize domestic prices.

Under the directive, rice trading activities at wholesale and retail locations, markets, supermarkets, trade centers, and warehouses across the country will be subject to stricter inspection and control measures to prevent speculation, stockpiling, and unreasonable pricing. 

The Ministry of Industry and Trade has made a request to the Directorate of Market Surveillance, demanding that local market surveillance forces enhance their cooperation with relevant agencies in their respective areas. The objective is to closely monitor the price of rice while also intensifying the examination and regulation of business companies, wholesale and retail power sources, markets, supermarkets, commercial centers, and inventories.