Vietnam's rice exports to Singapore surge by 28%

Vietnam’s rice exports to Singapore grew 28.45% to S$128.9 million (US$95.2 million) in 2024, making it the city-state's third largest rice supplier, according to the Vietnam Trade Office in Singapore.

The figure represented 28.25% of Singapore’s rice imports for the year.

India and Thailand retained the top spots with export revenues of S$148.19 million and S$137.75 million, or 32.48% and 30.19% of the city-state's rice imports, respectively.

Data from the Accounting and Corporate Regulatory Authority indicated that Singapore's rice imports grew by 10.73% from 2023 to S$456.2 million in 2024.

Vietnam held dominant market shares in three rice categories: white rice (42.23%), milled or husked fragrant rice (65.73%), and glutinous rice (77.02%).

Despite strong performance in the first half of 2024, Vietnam lost its leading position in the Singapore market by the year-end, overtaken by India and Thailand, primarily due to limited growth in its exports of white rice.

Cao Xuan Thang, trade counselor and head of the Vietnam Trade Office in Singapore, attributed the modest increase in white rice exports to insufficient promotional efforts from Vietnamese businesses and rice associations.

In contrast, competitors such as Thailand, India, and Japan have invested heavily in marketing and established partnerships with importers to promote their brands.

Thang emphasized the need for enhanced marketing strategies, branding initiatives, and long-term planning to boost Vietnam’s competitiveness in Singapore’s rice market.