Many people rush to buy rice amid falling prices
Rice processing plants in the Mekong Delta Province of Tien Giang have recently seen a rising number of household customers who have taken advantage of the falling prices.
A representative of the Ngoc Hoa Rice Processing Plant in Cai Lay Town told the Tien Phong Newspaper that the plant used to serve export companies only but now serves many individual households.
"Rice exports have slowed, and the prices have sharply fallen," he said. "We're now having several types sold at between VND600,000-750,000 a 50-kilo bag, a decrease of VND200,000 per bag compared to the prices a week previously."
The plant said it still has a large stock, so it must slash prices to avoid further losses, as rice prices may continue to fall.
"This sudden price fall has caused losses to many traders, especially those who have a large stock but haven't signed export contracts," the plant's representative said, adding that many have had to reduce prices to cut losses.
A customer at the Ngoc Hoa plant, Phan Thi Diem, said she and many relatives and neighbours had bought several bags.
"We paid VND800,000 to buy a 50-kilo bag last week, but now the prices have fallen to VND600,000," Diem said. "So we decided to buy several bags to store."
In addition to households, many organisations have also come to buy rice to present to disadvantaged families ahead of the Tet Lunar New Year Festival.
Director of the Tien Giang Provincial Department of Industry and Trade, Luu Van Phi, said that rice prices have recently fallen by VND2,000 per kilo following India's temporary halt of imports from Vietnam.