Vietnam Retains Top Spot as Leading Rice Supplier to Singapore

Singapore, The Gulf Observer: In the first half of 2024, Vietnam solidified its position as the leading source of rice for Singapore, exporting rice worth 73.4 million SGD (over 54.6 million USD), marking a significant year-on-year increase of 54.67 percent.

According to statistics from the Vietnam Trade Office in Singapore, the export turnover of various types of rice has shown remarkable growth. The export of glutinous rice saw an increase of more than fivefold, reaching 8.9 million SGD. Shipments of broken rice surged by 187.3 percent to 1.5 million SGD, while milled or husked fragrant rice exports rose by 161.35 percent to 27.27 million SGD.

Conversely, earnings from white rice experienced a modest rise of 1.91 percent, amounting to 34.5 million SGD. In contrast, revenue from regular brown rice dropped significantly by 51.2 percent, totaling 102,000 SGD.

Despite strong performances from Vietnamese rice exporters, competitors such as Thailand and India also made substantial sales to Singapore, with exports valued at approximately 70.73 million SGD and 58.41 million SGD, respectively.

The increase in Singapore’s rice imports can be attributed to factors such as India’s rice export ban and the resurgence of tourism in the country. During the six-month period, Singapore’s expenditure on rice imports reached nearly 224.5 million SGD, reflecting a 13.62 percent increase from the previous year.

Cao Xuân Thắng, the Vietnamese trade counselor in Singapore, highlighted that major competitors like Thailand, India, and Japan have invested significantly in enhancing their product images. In contrast, Vietnamese firms have yet to undertake large-scale promotional campaigns. Thắng emphasized the necessity for Vietnamese exporters to improve their competitive edge and the quality of their rice to meet the stringent market regulations imposed by the Singaporean government.

Thắng suggested that signing agreements and commitments at the governmental level regarding rice supply will contribute to stabilizing Vietnamese rice shipments to Singapore. Notably, in the first three months of 2024, Vietnam surpassed both India and Thailand to become the largest rice exporter to Singapore, with shipments valued at 36.15 million SGD, an 80.46 percent increase over the same period in 2023.