Vietnam emerges as Singapore’s largest rice export partner
VOV.VN - Vietnam was Singapore’s largest rice export partner during the first quarter of the year, accounting for 32.03% of the island state’s overall market share, according to the Vietnamese Trade Office in Singapore.
Elsewhere, India and Thailand ranked second and third with their market shares in Singapore standing at 6.96% and 8.28% respectively.
Statistics compiled by Singaporean agencies also indicate that Vietnamese rice exports to the this market throughout the reviewed period grew well, with turnover reaching over US$26.5 million, up 80.46% compared to the same period last year.
Most notably, apart from advantageous Vietnamese products such as white rice, other product categories such as sticky rice and milled fragrant rice have also risen to dominate the majority of the market share of 80.08% and 73.33% in the Singaporean market, respectively.
As a result, Vietnam outperformed other exporters such as Thailand and India to become Singapore’s largest rice supplier.
India recently prohibited export of non-basmati white rice starting from July 20, which has further opened up opportunities for Vietnamese businesses to increase its export to Singapore.
Industry insiders point out that Vietnamese businesses are required to continue to improve their competitiveness whilst ensuring the quality of rice products to make further inroads into the market.
The signing a Memorandum of Understanding (MoU) for rice cooperation between Vietnam and Singapore is anticipated to become an effective tool for maintaining the leading position of Vietnamese rice products in the Singapore market, they say.
