Vietnam has emerged as the top rice exporter to Singapore, with data from Singapore's enterprise regulator showing a significant surge in white rice exports, reaching US$26 million in the first quarter of 2024, marking an impressive 80.46% increase compared to the previous year. This growth extends to other rice varieties like glutinous rice and fragrant milled rice, which also saw substantial year-on-year increases of 80.08% and 73.33%, respectively.
The Vietnam Trade Office in Singapore attributes this export dominance to multiple factors, including India's rice export ban and the revival of tourism in Singapore. However, to maintain and solidify this leading position, Vietnamese rice exporters must remain vigilant and proactive. First Secretary Cao Xuan Thang emphasized the need for close collaboration between Vietnamese authorities and business associations to ensure compliance with Singaporean regulations, actively engage in trade promotion efforts, promote local brands effectively, and uphold superior product quality standards.
Thang stressed the importance of brand development, noting that competitors like Thailand and Japan allocate significant resources to enhance their product image and forge strategic partnerships for import, distribution, and brand protection. In contrast, Vietnamese companies often overlook marketing and product promotion due to resource constraints, leading to some Singaporean importers repackaging and distributing Vietnamese rice under their own brands. To sustain success in Singapore's competitive market, Thang urged Vietnamese companies to prioritize brand recognition, adhere to regulations, and explore potential agreements like a memorandum of understanding on rice with Singapore.