Rice prices today, January 7, 2025: Rice prices continue to fall sharply.

Domestic rice prices

According to updates from the Department of Agriculture and Rural Development of An Giang province, the price of IR 504 raw rice has decreased by 1,200 VND/kg, fluctuating between 7,500 and 7,600 VND/kg; the price of finished IR 504 rice has decreased by 300 VND/kg, fluctuating between 10,000 and 10,200 VND/kg.

Observations in various localities today indicate that rice supplies are low, prices of all types of rice have decreased compared to the end of last week, and transactions are slow. In Sa Dec (Dong Thap), supplies are arriving sporadically, export warehouses are still buying cautiously, or even stopping purchases altogether, and the prices of all types of raw rice are still unstable and continue to decrease slightly.

In An Giang, the market is slow, and rice prices have fallen. In Lap Vo - Vam Cong (Dong Thap), the supply is quite good, but warehouses are buying less, leading to a surplus of rice and lower prices compared to the end of the week.

At Sa Dec market (Dong Thap province), the supply is low, boats are having difficulty selling, rice warehouses are buying slowly, and prices for all types of rice have decreased. At An Cu (Cai Be district, Tien Giang province), the supply is sporadic, traders are buying slowly, there is little good quality rice, and prices for all types of rice have decreased.

At retail markets, rice prices remained stable compared to yesterday. Regular rice fluctuated between 16,000 and 17,000 VND/kg. Currently, Nang Nhen rice has the highest listed price at 28,000 VND/kg. Fragrant rice is offered at higher prices ranging from 20,000 to 22,000 VND/kg; Jasmine rice at 18,000 to 20,000 VND/kg; Nang Hoa rice at 21,500 VND/kg; long-grain Thai fragrant rice at 20,000 to 22,000 VND/kg; Huong Lai rice at 22,000 VND/kg; common white rice at 17,500 VND/kg; Taiwanese fragrant rice at 21,000 VND/kg; regular Soc rice at 18,500 VND/kg; Soc Thai rice at 21,000 VND/kg; and Japanese rice at 22,500 VND/kg.

Similarly, with rice, new transactions continue to be slow, and farmers are offering lower prices. According to updates from the Department of Agriculture and Rural Development of An Giang province, the current price of IR 50404 rice (fresh) ranges from 7,400 - 7,600 VND/kg; OM 5451 rice ranges from 8,400 - 8,500 VND/kg; OM 18 rice (fresh) ranges from 8,700 - 8,900 VND/kg; Dai Thom 8 rice (fresh) ranges from 8,800 - 8,900 VND/kg; OM 380 rice is at 6,600 - 6,700 VND/kg; Nang Hoa 9 rice is at 9,200 VND/kg; and Nhat rice is at 7,800 - 8,000 VND/kg.

Observations in many localities today show that rice trading has stalled due to the continuous fluctuations and sharp drop in rice prices. In Soc Trang, there are few buyers and transactions have come to a standstill. In Dong Thap, many traders have abandoned their rice deposits, and farmers are offering to sell at low prices, but still find few buyers.

In Bac Lieu, rice trading has stalled, with traders mainly buying rice and asking for prices. In Kien Giang, rice trading has also stalled, with farmers offering low prices but finding no buyers.

Today's prices for various by-products show mixed trends, with fragrant rice bran and dry rice bran fluctuating between 6,000 and 7,600 VND/kg. Currently, dry rice bran has increased by 50 VND/kg, reaching 6,000 - 6,050 VND/kg; fragrant rice bran has decreased by 200 - 400 VND/kg, fluctuating between 7,400 - 7,600 VND/kg.

Export rice prices

On the export market, Vietnam's export rice prices today fell by as much as $51/ton for 100% broken rice, to only $332/ton; standard 5% broken rice remained at $473/ton; and 25% broken rice is currently at $438/ton.

Falling rice prices are causing concern among farmers, but demand remains strong this year. The US Department of Agriculture forecasts that global rice consumption and trade will remain high in 2025.

In particular, the world's largest market, the Philippines, will continue to increase rice imports, reaching a record high of 5.4 million tons. In addition, major customers like China are re-entering the market.

However, according to experts and businesses, the market is being strongly impacted by political factors from major importing countries.

Because rice is a vital food commodity, governments want to control its price and bring it down to the lowest possible level. For example, in the Philippines, the government reduced import taxes last year with the aim of lowering domestic rice prices, but prices have not decreased since then. To address this issue, the Philippines has launched investigations into several large businesses.

Furthermore, the country does not allow businesses to label imported rice as high-quality to prevent price gouging. These factors significantly impact market purchasing power at present.

For India, the world's largest rice exporter, they dominate the African market with low prices, making it difficult for Vietnamese rice to compete.

Indonesia has repeatedly stated that it will not import rice in 2025. It's also possible that this is a psychological tactic by politicians to curb the recent surge in rice prices.

According to Mr. Nguyen Vinh Trong, Business Director of Viet Hung Co., Ltd. (Tien Giang), after the New Year's holiday, businesses importing from the Philippines may return to the market, helping to reduce price pressure.

The U.S. Department of Agriculture (USDA) forecasts that the Philippines will continue to be the world's largest rice import market in 2025, with a record import volume of 5.4 million tons, creating an opportunity for price recovery for Vietnamese rice.