Vietnam emerges as top rice exporter to Singapore
Vietnam emerges as top rice exporter to Singapore
Singapore has become increasingly reliant on Vietnamese rice imports, with Vietnam surpassing traditional suppliers like Thailand and India.
Vietnam is now Singapore's leading rice supplier. Photo: Buu Dau / Tuoi Tre |
Data from Singapore's enterprise regulator shows Vietnamese white rice exports to Singapore reached US$26 million in the first few months of 2024, reflecting an impressive year-on-year increase of 80.46 percent and positioning Vietnam as the leading rice exporter to Singapore.
Aside from white rice, Vietnamese glutinous rice and fragrant milled rice to exports have also grown 80.08 percent and 73.33 percent year on year, respectively.
According to the Vietnam Trade Office in Singapore, Vietnam’s dominance in the market is owed, at least in part, to the India’s rice export ban and the return of tourism to Singapore.
Sill, in order to solidify their dominance, Vietnamese rice exporters need to remain vigilant.
According to Cao Xuan Thang, first secretary and commercial counselor at the Vietnamese Embassy in Singapore, Vietnamese authorities and business associations must collaborate in ensure the country’s rice exporters continue to follow Singaporean regulations, participate in trade promotion activities, market local brans, and maintain high product quality.
Thang also noted the importance of brand building, noting that regional competitors such as Thailand and Japan invest heavily in product image and work to establish partnerships for import, distribution, and brand protection.
In contrast, Vietnamese companies often neglect marketing and product promotion due to limited resources.
This has led to many Singaporean importers purchasing raw Vietnamese rice only to repackage and distribute it locally under their own brands.
To achieve sustainable success, Vietnamese companies must prioritize building brand recognition.
Maintaining a strong market share in a demanding and premium market like Singapore requires strict adherence to Singaporean regulations, Thang shared, urging businesses and industry associations to stay updated on these regulations.
Furthermore, a memorandum of understanding on rice between Vietnam and Singapore could be a valuable tool in securing Vietnam's leading position in the Singaporean rice market.
