Lessons drawn from a recent spike in rice prices - Bản có dấu.
Lessons drawn from a recent spike in rice prices - Bản không dấu.

In late April, rice  prices in many provinces and cities rose sharply, causing great concern to the public. The Government  took immediate measures to stop the buying spree and rice  prices gradually fell. What is the cause behind the rapid fluctuations on the domestic rice  market and what lessons have been learnt?
 
 Between April 24-28, rice  prices increased sharply by between 40-60 percent, sparking a buying spree in major markets such as Ho Chi Minh City, the Mekong Delta and in south-eastern provinces. Rice  agents refused to sell the product while supermarkets were short of rice  to sell. The media  covered the food crisis in the world  and the scarcity of rice  in several places across the country.
 
 The fear reached its climax on April 26 when television  stations ran footage of American  citizens rushing to buy rice  at supermarkets. A popular local newspaper front-paged the picture of a large supermarket in Vietnam  with the sign “No rice  for sale”.
 
 Consequently, rice  prices rose sharply on a daily, even hourly basis, and local residents began to rush to rice  agents and supermarkets. There was growing concern that soaring rice  prices would drive  the consumer price index up and put more pressure on the national economy.
 
 One day later, the Government  announced that Vietnam’s rice  reserves still met the requirements for local consumption and export, that rice  exports do not affect local consumption and that the Mekong Delta – which is the country’s largest rice  granary – is predicted to have a bumper crop this year.
 
 The Government  also asked the Ministry  of Agriculture and Rural Development to regulate the domestic rice  market. As a result, rice  prices have gradually declined since April 28.
 
 The sudden changes in the market were attributed to the Government’s urgent and effective measures in line with the market economy. The Government  held that the rice  price fever had stemmed from socio-psychological factors and affirmed that national rice  reserves are big enough for local consumption and export as Vietnam  will have a bumper rice  crop this year
 
 In the meantime, the Government  said some media  agencies continued reporting on the global food crisis and the temporary short supply of rice  in HCM  City without any analysis or comments. This information  was very confusing to local residents.
 
 These media  agencies should have known that the impact of the global food crisis on Vietnam  was small as the country was the world’s second largest rice  exporter fully capable of keeping supply and demand in balance. In addition, unlike oil and gold, Vietnamese  rice  is not directly affected by global fluctuations.
 
 As the recent rice  price fever was caused by socio-psychological factors, media  agencies should be more responsible for their information  with which the relevant ministries and agencies could make accurate forecasts and come up with rapid and effective measures to stabilise any unexpected market fluctuations.

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