Rice prices on 10/16/2024: Continue to rise

Rice prices on October 16 domestically

The rice market on October 16 is maintaining stability in paddy prices while experiencing a slight increase in rice prices.

The price of paddy today (October 16) remains unchanged. Specifically:

• Long An sticky rice (dry) is priced at VND 9,800 - 10,000/kg; Long An IR 4625 sticky rice (dry) is priced at VND 9,600 - 9,700/kg.
• IR 50404 paddy is around VND 6,900 - 7,000/kg; Dai Thom 8 rice is at VND 7,800 - 8,000/kg.
• OM 5451 paddy is trading at VND 7,200 - 7,400/kg; OM 18 paddy is priced at VND 7,500 - 7,800/kg.
• OM 380 paddy is maintained at VND 7,200 - 7,300/kg; Japanese paddy is at VND 7,800 - 8,000/kg.
• Nàng Nhen paddy (dry) is trading at VND 20,000/kg; Nang Hoa 9 is priced at VND 6,900 - 7,000/kg.

Meanwhile, the rice prices today (October 16) have increased by VND 1,000.

• Raw IR 504 rice for the Summer-Autumn crop is priced at VND 10,600 - 10,800/kg (up VND 100); finished IR 504 rice is priced at VND 12,600 - 12,800/kg.
• Sticky rice is priced at VND 18,000 - 22,000/kg; common rice is at VND 15,000 - 16,000/kg; Nang Nhen rice is priced at VND 28,000/kg.
• Thai fragrant long-grain rice is priced at VND 20,000 - 22,000/kg; Jasmine rice is priced at VND 18,000 - 20,000/kg; Huong Lai rice is maintained at VND 18,000/kg.
• Common white rice is being purchased at VND 17,500/kg; Nàng Hoa rice is at VND 21,500/kg; Soc common rice is maintained at VND 18,000 - 18,500/kg; Soc Thai rice is at VND 21,000/kg.
• Taiwanese fragrant rice is priced at VND 21,000/kg; Japanese rice is maintained at VND 22,000/kg.
• OM 5451 broken rice is priced at VND 9,500 - 9,600/kg; dry bran is priced at VND 5,950 - 6,050/kg.

On the export market, rice prices have decreased slightly by $ 1/ton. Specifically, 100% broken rice is priced at $ 439/ton; standard 5% broken rice is being purchased at $ 537/ton. Meanwhile, the price for 25% broken rice is at $ 509/ton.

Thus, rice prices on 10/16/2024, continue to show a slight increase compared to yesterday.

Prime Minister calls for acceleration in implementing the One Million Ha High-Quality Rice Project

On October 15, in Can Tho City, Prime Minister Pham Minh Chinh chaired a conference to discuss solutions for promoting and implementing the project “Sustainable Development of One Million Hectares of High-Quality, Low-Emission Rice Cultivation Associated with Green Growth in the Mekong Delta Region by 2030” (referred to as the Project).

Attending were Deputy Prime Minister Tran Hong Ha; Deputy Prime Minister Ho Duc Phoc; leaders of central ministries and sectors; secretaries of provincial party committees and leaders from 12 provinces and cities in the Mekong Delta.

Nearly a year after Decision No. 1490/QD-TTg (dated November 27, 2023) approving the One Million Hectare High-Quality Rice Cultivation Project, the Prime Minister praised and commended the provinces in the Mekong Delta and the Ministry of Agriculture and Rural Development for their efforts to overcome difficulties, improve infrastructure, boost growth, reduce inflation, and promote cultural branding.

The Prime Minister urged localities and relevant ministries to focus on several key issues, including stable planning for raw material areas; brand building; and the application of science, technology, and innovation to enhance product value.

Additionally, there must be mobilization and diversification of resources, from central to local levels, including public-private partnerships, loans, bond issuance, socialization, and community involvement. The use of resources should be scientific and efficient, eliminating the "begging" mechanism and cumbersome administrative procedures.

In the near future, the Prime Minister set specific goals for localities to accelerate and further implement the Project, aiming to achieve 14-15 million tons of paddy, resulting in rice output in the high-end segment.

To achieve this goal, the Prime Minister outlined 11 solutions, emphasizing the need for stable and long-term raw material area planning for rice cultivation. Localities, along with the Ministry of Agriculture and Rural Development, the Ministry of Natural Resources and Environment, and the Ministry of Planning and Investment, must complete this planning by the second quarter of 2025.

Additionally, it is necessary to build strong brands for high-quality rice, along with attractive packaging, growing area codes, and geographical indications.

$ 1 = VND 24.780 - Source: Vietcombank.