Vietnam’s rice exports to Singapore recorded significant growth in 2024, cementing Vietnam’s position as the third-largest rice supplier of the city state, according to the Vietnam Trade Office in Singapore.
Vietnam’s rice exports to Singapore surge (Photo: VNA)
Hanoi (VNA) – Vietnam’s rice exports to Singapore recorded significant growth in 2024, cementing Vietnam’s position as the third-largest rice supplier of the city state, according to the Vietnam Trade Offꦡice in Singapore.
The country's export revenue reached 128.9 million SGD (95.2 million USD), representing 28.25% of Singapore’s rice market share, up 28.45% compared to 2023.
India and Thailand retained the top spots with export revenues of 148.19 million SGD (109.4 million USD) and 137.75 million SGD (101.7 million USD), making up 32.48% and 30.19% of the market share, respectively.
Data from the Accounting and Corporate Regulatory Authority indicated that Singapore’s rice imports grew by 10.73% year-on-year, reaching a total value of over 456.2 million SGD in 2024.
Vietnam held dominant shares in three rice categories: white rice (42.23%), milled or husked fragrant rice (65.73%), and glutinous rice (77.02%).
Despite strong performance in the first half of 2024, Vietnam lost its leading position in the Singapore market by the year-end, overtaken by India and Thailand, primarily due to limited growth in its core exports of white rice, which saw only a slight increase.
Cao Xuan Thang, Trade Counsellor and Head of the Vietnam Trade Office in Singapore, attributed the modest performance in white rice exports to insufficient promotional efforts from Vietnamese businesses and rice associations.
In contrast, competitors such as Thailand, India, and Japan have invested heavily in marketing and established partnerships with importers to promote their brands.
Thang emphasised the need for enhanced marketing strategies, branding initiatives, and long-term planning to boost Vietnam’s competitiveness in Singapore’s rice market./.
Rice exports set new records in both volume and value in 2024 but the commodity is expected to face a difficult year ahead as India lifted its ban on non-basmati white rice exports in September, which will push up global rice supplies next year.
Vietnam exported over 7 million tonnes of rice worth 4.37 billion USD in the first three quarters of 2024, up 9.2% in volume and 23.5% in value compared to the same period last year, the Ministry of Agriculture and Rural Development has reported.
Vietnam exported over 7 million tonnes of rice worth 4.37 billion USD in the first three quarters of 2024, up 9.2% in volume and 23.5% in value compared to the same period last year, the Ministry of Agriculture and Rural Development (MARD) has reported.
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