Việt Nam’s rice exports to Singapore surge. — VNA/VNS Photo

HÀ NỘI — Việt Nam’s rice exports to Singapore recorded significant growth in 2024, cementing Việt Nam’s position as the third-largest rice supplier of the city state, according to the Vietnam Trade Office in Singapore.

The country's export revenue reached S$128.9 million (US$95.2 million), representing 28.25 per cent of Singapore’s rice market share, up 28.45 per cent compared to 2023.

India and Thailand retained the top spots with export revenues of S$148.19 million ($109.4 million) and S$137.75 million ($101.7 million), making up 32.48 per cent and 30.19 per cent of the market share, respectively.

Data from the Accounting and Corporate Regulatory Authority indicated that Singapore’s rice imports grew by 10.73 per cent year-on-year, reaching a total value of over S$456.2 million in 2024.

Việt Nam held dominant shares in three rice categories: white rice (42.23 per cent), milled or husked fragrant rice (65.73 per cent), and glutinous rice (77.02 per cent).

Despite strong performance in the first half of 2024, Việt Nam 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 Xuân Thắng, 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 Việt Nam’s competitiveness in Singapore’s rice market. — VNS