Currently, Vietnam is the country with the largest market share in Singapore for 3 rice groups: plain white rice (accounting for 48.62%); milled or peeled fragrant rice (accounting for 69.43%) and glutinous rice (78.05%).
According to a VNA reporter in Singapore, in the first 6 months of 2024, Vietnam still holds the position of the largest rice exporter to Singapore, accounting for 32.69% of the market share. This was achieved thanks to a sharp increase in export turnover, reaching a value of SGD 73.40 million (more than USD 54.6 million), up 54.67% over the same period in 2023.
Statistics from the Trade Office of the Embassy of Vietnam in Singapore show that some groups continue to witness very strong increases, namely glutinous rice (turnover of S$8.9 million, an increase of more than 5 times), broken rice (turnover of S$1.5 million, an increase of 187.3%) and milled or peeled fragrant rice (turnover of S$27.27 million, an increase of 161.35%).
Vietnam’s main rice group in the Singapore market is plain white rice, which increased slightly at 1.91%, reaching a turnover of 34.5 million SGD. The only group with a year-on-year decline was regular brown rice (turnover of 102,000 SGD, down 51.2%).
Currently, Vietnam is the country with the largest market share in Singapore for 3 rice groups: plain white rice (accounting for 48.62%); milled or peeled fragrant rice (accounting for 69.43%) and glutinous rice (78.05%).
After Vietnam, Thailand and India have rice export turnover of 70.73 million SGD and 58.41 million SGD, respectively. The total turnover of the top 3 exporting countries has accounted for 90.21% of the rice market share in Singapore.
The sharp increase in Singapore’s rice import demand from 2023 continues to be maintained in the first 6 months of 2024, the main reason is believed to be India’s ban on rice exports and the rapid recovery of tourists to Singapore, causing the country to increase rice imports.
Statistics from the Enterprise Authority of Singapore in the first 6 months of 2024 show that the total value of rice imports from the world of the Singapore market increased quite high, at 13.62% over the same period in 2023, reaching nearly SGD 224.5 million.
According to Mr. Cao Xuan Thang, Trade Counsellor, Head of Vietnam Trade Office in Singapore, Thailand, India and Japan are Vietnam’s biggest competitors in the Singapore rice market.
These countries are very interested in investing in promoting product images and have agreements with importers and distributors on keeping the names and brands of their rice products.
Meanwhile, the promotion and introduction of Vietnamese rice products in the market is still relatively small, there are no large-scale promotion activities of enterprises focusing on rice products, so importers and distribution systems in Singapore often import Vietnamese rice with model packaging, packaging and domestic brands of Singapore for easy consumption in the market.
Mr. Cao Xuan Thang emphasized that Vietnamese rice enterprises must continue to make efforts to find ways to improve the competitiveness and quality of rice products, because the Singapore rice market is closely managed by the Singapore Government, reflected in the approval and licensing of imports by the Singapore Government; directly inspecting and inspecting the quality of rice before putting it on the market.
According to him, the signing of agreements and commitments at the government level of the two countries on rice supply may contribute to stabilizing Vietnam’s rice export turnover to Singapore.
Vietnamese rice products are not only consumed in the Singapore market but also exported by Singaporean enterprises to other countries around the world. Therefore, businesses need to pay attention to the role of Singapore’s important transit area, not just the area of nearly 6 million people of the island nation.
Source: vietstock.vn
