Vietnamese rice market to heat up soon: experts

V. Subramanian, co-founder of SSricenews, noted a growing rice demand from Malaysia, China, and Africa, where buyers are increasing their purchases. This trend signals a potential trade boom in the coming months.

At the event (Photo: VNA)

HCM City (VNA) – While rice prices remain competitive due to ample supply, the market is expected to regain momentum soon, according to experts at the SSricenews Network Forum co-hosted by SSricenews, a specialised rice market platform and the Vietnam Food Association (VFA) in Ho Chi Minh City on March 6,

VFA Vice Chairman Do Ha Nam said following the Prime Minister’s March 4 request to balance supply and demand in the domestic rice market and boost sustainable production and trade, key ministries and agencies have swung into action. The ultimate aim is to raise farmers’ income and maintain a fair balance of interests between producers and businesses.

The State Bank of Vietnam has been tasked with exploring options to expand loan quotas and extend repayment terms for enterprises with storage capacity. This will enable them to buy rice for temporary reserves during periods of market volatility and price dips. Commercial banks have been instructed to facilitate credit access for farmers and firms by offering preferential rates to support the purchase of winter-spring rice in the Mekong Delta, encourage farmers to grow new crops, and simplify loan approval procedures.

Meanwhile, the Ministry of Finance will expedite tax refunds for rice exporters, streamline customs clearance procedures, and intensify inspections to ensure a transparent and fair market. The ministry will also develop a national rice stockpiling plan for 2025 to shield the market from price fluctuations. In parallel, the Ministry of Industry and Trade will set up inspection teams to oversee rice procurement and storage nationwide.

Following the PM request, rice prices in the Mekong Delta have increased by 100–200 VND (0.004–0.008 USD) per kilogram, with experts forecasting further price gains.

V. Subramanian, co-founder of SSricenews, noted a growing demand from Malaysia, China, and Africa, where buyers are increasing their purchases. This trend signals a potential trade boom in the coming months./.

VNA