India and Thailand Lead Singapore’s Rice Market as Vietnam Follows
Vietnam’s Rice Exports to Singapore See Strong Growth
Vietnam’s rice exports to Singapore grew by 28.45% in 2024, reaching USD 95,2 million. This performance positioned Vietnam as the third-largest supplier of rice to Singapore, contributing 28.25% of the country's total rice imports, according to the Vietnam Trade Office in Singapore.India and Thailand remained the top two suppliers, with export revenues of USD 109,5 million and USD 101,8 million, accounting for 32.48% and 30.19% of Singapore’s total rice imports, respectively.
Singapore’s Increasing Rice Imports
Singapore’s total rice imports increased by 10.73% in 2024, reaching USD 337,1 million, as per data from the Accounting and Corporate Regulatory Authority.Vietnam held notable shares in key rice segments in the Singapore market:
- White rice: 42.23%
- Milled or husked fragrant rice: 65.73%
- Glutinous rice: 77.02%
Challenges Facing Vietnam’s Rice Exports
Although Vietnam showed strong growth in the first half of 2024, it lost its leading position in Singapore by the end of the year. India and Thailand overtook Vietnam, primarily due to Vietnam’s limited growth in white rice exports.Cao Xuan Thang, trade counselor and head of the Vietnam Trade Office in Singapore, noted that Vietnamese businesses and rice associations lacked robust promotional efforts. Competitors like Thailand, India, and Japan were more proactive in marketing, establishing partnerships, and strengthening their presence in the market.
Steps to Strengthen Vietnam’s Position
To regain competitiveness, Vietnam should focus on:- Investing in Marketing: Build stronger brand identity and promotional campaigns.
- Building Partnerships: Strengthen collaborations with Singaporean importers.
- Planning for the Future: Develop long-term strategies to sustain growth in export volumes and market share.
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