[Market News] Surpassing Thailand and India, Vietnam becomes the largest rice exporter to Singapore

The above information was recently announced by the Singapore Business Administration.

Accordingly, in the first quarter, Singapore’s total value of rice imports from the world reached nearly 112.9 million SGD, up 23.86% over the same period last year. Of which, Singapore imported 36.15 million SGD from Vietnam, an increase of 80.46% over the same period in 2023, making Vietnam the largest rice supplier in this market for the first time with 32.03% market share.

Followed by India and Thailand with turnover of 33.63 million SGD (29.7% market share) and 33.16 million SGD (29.3% market share), respectively.

Vietnamese rice prevails in the “lion island” market mainly thanks to the diversity of Vietnamese products. In addition to white rice of outstanding quality, glutinous rice and milled fragrant rice are popular, reaching a market share of up to 80% in Singapore.

From 2023 until now, India’s ban on exporting rice varieties other than basmati has helped Vietnam increase its market share and export value to Singapore.

Thailand, India and Japan are Vietnam’s biggest competitors in the “lion island” rice market.

Currently, Vietnam’s rice export activities into this high-standard market are favorable thanks to its supply capacity, meeting output and quality.

To increase market share, according to the Vietnam Trade Office in Singapore, in addition to support from ministries and branches, businesses need to strengthen trade promotion activities and promote product brands, but need to ensure product quality.

In addition, the signing of a Memorandum of Understanding (MOU) for rice cooperation between Vietnam and Singapore will be an effective tool to maintain the number 1 position of Vietnamese rice products in the Singapore market.

Source: Thi Ha – vnexpress.net