Thanks to the strong growth of sticky and milled or peeled fragrant rice, Vietnam has risen to the leading rice exporter to Singapore. According to statistics of the Singaporean Business Management Agency, in the first three months of 2024, the total value of rice imports from the world of Singapore increased sharply by 23.86% over the same period last year, reaching nearly 112.9 million SGD.
Regarding the market, the Vietnam Trade Office in Singapore said that in the first quarter of the year, Vietnam has risen to become the largest rice exporter to Singapore for the first time in recent years, accounting for 32.03% of the market share. Vietnam’s export turnover reached about 36.15 million SGD, up 80.46% over the same period in 2023.
Followed is India and Thailand with a turnover of 33.63 million SGD and 33.16 million SGD, respectively. All three leading exporters accounted for 91.21% of the rice market share in Singapore. According to the Vietnam Trade Office in Singapore, Thailand, India, and Japan are Vietnam’s biggest competitors in the Singapore rice market.
Vietnam is the largest rice supplier to the Singapore market.
India’s ban on the export of non-basmati rice from July 20, 2023 has been well utilized by Vietnamese enterprises to increase their market share and export turnover to Singapore. At the same time, they seem to successfully expand the market into other commodities such as sticky rice and milled or peeled fragrant rice. However, this trend still needs more time and effort to ensure the sustainability of the largest partner position. Vietnamese enterprises also need to continue to improve their competitiveness and the quality of rice products.
In terms of trade promotion, the Vietnam Trade Office in Singapore has strongly implemented activities such as displaying products to increase the presence of Vietnamese rice products in the area or supporting the delegations from Singapore to participate in rice promotion activities in Vietnam.
To increase market share, maintain the leading position, and compete with rice products of India and Thailand, the Vietnam Trade Office in Singapore called for the support and contribution of ministries, sectors, localities, industry associations, and enterprises. In addition, enhancing trade promotion, promoting product brands, and corporate brands, increasing product presence in the area, and maintaining quality are important.
The signing of a memorandum of understanding (MOU) on rice cooperation between Vietnam and Singapore may be an effective tool to maintain the leading position of Vietnamese rice products in this market./.