Proud of Vietnamese rice products displayed in Singapore
In terms of volume, the total import volume of 9 main rice varieties (HS10062010, HS10062090, HS10063030, HS10063040, HS10063091, HS10063099 and HS10064090, HS10063050, HS10063070) is estimated at about 110,636 tons, an increase of 6.15% over the same period in 2023. In terms of market share structure of rice products, white rice accounts for the largest market share (25.09%), followed by milled or peeled fragrant rice (21.82%), parboiled rice (19.75%), and hom ma li white rice (16.43%). Other rice products are equally divided into the remaining segments.
According to the Vietnam Trade Office in Singapore, in the first 3 months of 2024, the rice import market in Singapore continued to witness quite good growth in both import quantity and value. 6/9 main rice groups all grew well, some with very high increases such as: Fragrant rice, milled or peeled (up 165.41%), glutinous rice (up 131.95%), parboiled rice (up 251.55%). The remaining 3/9 rice groups in Singapore decreased: white rice (down 36.05%), regular brown rice (down 10.7%), hom ma li brown rice (down 0.61%). The strong increase in Singapore's rice import demand from 2023 continued to be maintained in the first 3 months of 2024 due to 2 main reasons: India's rice export ban and the rapid recovery of tourists to Singapore.
The first 3 months of 2024 marked the rise of Vietnam, for the first time becoming the largest rice exporter to the Singapore market in recent times, accounting for 32.03% of the market share, higher than India (6.96%) and Thailand (8.28%). India and Thailand respectively held the next 2 positions with turnovers of 33.63 million SGD and 33.16 million SGD, respectively. The top 3 exporting countries accounted for 91.21% of the rice market share in Singapore.
According to statistics from the Singapore Corporate Governance Authority, Vietnam's rice exports to the Singapore market in the first 3 months of 2024 continued to grow very well, reaching a turnover of about 36.15 million SGD, an increase of 80.46% over the same period in 2023.
The decline in groups such as regular brown rice and white rice was offset by a very strong increase in groups such as glutinous rice (turnover of SGD 3.79 million, up 221.76%), fragrant milled or peeled rice (turnover of SGD 18.06 million, up 291.17%) and broken rice (turnover of SGD 575 thousand, up 111.4%).
Comparing Vietnamese rice with rice from other countries in Singapore:
The notable point after the first 3 months of 2024 is that besides Vietnam's traditional strength of white rice, two other product groups, glutinous rice and fragrant rice, milled or peeled, have also risen to dominate the majority of the market share in Singapore, reaching 80.08% and 73.33% respectively. This is the main factor that helped Vietnam surpass Thailand and India to become the country with the largest rice market share in Singapore. In addition, India is also the country that almost completely dominates the market with its typical products of parboiled rice (accounting for 99.29%) and milled or peeled basmati rice (accounting for 95.66%). For the remaining rice products, Thailand almost holds the largest market share, specifically: homali brown rice (98.26%), homali white rice (96.83%), broken rice (68.16%). For the regular brown rice group, Japan is the country with the largest market share (71.72%).
According to the above statistics, Thailand, India and Japan are Vietnam's biggest competitors in the Singapore rice market. The fact that India (which dominates the market share of white rice, a type of rice that Vietnam is strong in) issued a ban on exporting rice other than basmati from July 20, 2023, has been well taken advantage of by Vietnamese enterprises to increase their market share and export value to Singapore. Notably, Vietnamese enterprises seem to have successfully expanded their market to other products such as glutinous rice and milled or dehusked fragrant rice. However, this trend still needs more time and effort to ensure the sustainable maintenance of the largest partner position. In addition, Vietnamese enterprises need to continue to improve their competitiveness and ensure the quality of rice products.
In terms of trade promotion, recently the Vietnam Trade Office in Singapore has strongly implemented trade promotion activities, product display, increased the presence of Vietnamese rice products in the area; supported sending delegations from Singapore to participate in rice promotion activities in Vietnam. Countries such as Thailand, Japan, and India are also very interested in investing in promoting product images as well as having agreements with importers and distributors on keeping product names and brands. Vietnamese rice exporting enterprises have weak potential and rarely invest in promoting and introducing products, so importers and distribution systems in Singapore do not want to use Vietnamese product brands, mainly importing raw rice and then packaging the models, packaging and domestic brands of Singapore for easy consumption in the market.
Therefore, to increase market share and sustainably maintain the leading position, and compete with rice products from India and Thailand, it is necessary to have the support of ministries, localities, industry associations and enterprises; strengthen trade promotion activities, promote product brands, business brands, increase product presence in the area, and maintain product quality assurance. In addition, the signing of a rice MOU between Vietnam and Singapore could be an effective tool to maintain the No. 1 position of Vietnamese rice products in the Singapore market./. Source
Comment (0)