According to statistics from the Singapore Business Administration, in the first 3 months of 2024, the total value of rice imports in the Singapore market increased sharply at 23.86% over the same period, reaching nearly 112,9 millions SGD.

In terms of volume, the total import volume of 9 main types of rice (HS10062010, HS10062090, HS10063030, HS10063040, HS10063091, HS10063099 and HS10064090, HS10063050, HS10063070), is estimated to reach 110,636 tons, rise about 6.15% over the same period last year 2023.

Regarding the market share structure of rice products, white rice accounts for the largest market share (25.09%), followed by milled or peeled fragrant rice (accounts for 21.82%), parboiled rice (accounts for 19,75%), hom ma li white rice (accounting for 16.43%). Other rice products divide the remaining segment equally.

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 quantity and import value. 6/9 of main rice groups all grew well, some had very high increasing rate such as: Milled or peeled fragrant rice (165.41%), sticky rice (131.95%), parboiled rice (251.55%). 3/9 of Singapore's remaining rice groups decreased: white regular rice (36.05%), regular brown rice (10.7%), and hom mali brown rice (0.61%). The trend of a sharp increase in Singapore's rice import demand from 2023 will continue to be maintained in the first 3 months of 2024 due to two main reasons: India's rice export ban and the rapid recovery of tourist arrivals in Singapore.

Vietnamese rice products displaying in Singapore

The first 3 months of 2024 mark the rise of Vietnam, for the first time being the largest rice exporter to the Singapore market in the recent period, accounting for 32.03% of the market share, a higher turnover than India. India (6.96%) and Thailand (8.28%). India and Thailand hold the next two positions with turnover of 33.63 million SGD and 33.16 million SGD respectively. All three leading exporting countries account for 91.21% of the rice market share in Singapore.

According to statistics from the Singapore Business Administration, Vietnam's rice exports to the Singapore market in the first 3 months of 2024 continue to grow very well, reaching a turnover of about 36.15 million SGD, an increase of 80.46 million. % compared to the same period in 2023.

The decline of groups such as regular brown rice and white rice was offset by the very strong increase of sticky rice groups (turnover of 3.79 million SGD, an increase of 221.76%), milled or peeled fragrant rice. (turnover 18.06 million SGD, up 291.17%) and broken rice (turnover 575 thousand SGD, up 111.4%).

A notable point after the first 3 months of 2024 is that besides Vietnam's traditional strong product, white rice, two other product groups, sticky rice and milled or peeled fragrant rice, 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 helps 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 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 regular brown rice, 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 (the country that is dominating the market share of white rice, a type of rice that Vietnam has strengths in) issued a ban on exporting types of rice other than basmati from July 20, 2023, has been taken advantage of by Vietnamese businesses. Good for increasing market share and export value to Singapore.

Notably, Vietnamese businesses seem to have successfully expanded their market to other products such as milled or peeled sticky rice and fragrant rice. However, this trend still needs more time and effort to ensure sustainable maintenance of the largest partner position. Besides, Vietnamese businesses need to continue to improve their competitiveness and ensure the quality of rice products.

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 to keep names and brands of goods. Vietnamese rice export enterprises inherently have weak potential and rarely invest in promoting and introducing products, so importers and distribution systems in Singapore do not want to use product brands. of Vietnam, mainly importing raw rice and then packaging it with Singapore's domestic designs, packaging and brands for easy consumption in the market.

Therefore, to increase market share and sustainably maintain a leading position, competing with rice products from India and Thailand, it is necessary to strengthen trade promotion activities and promote product brands, businesses, maintaining product quality assurance. In addition, signing a Memorandum of Understanding (MOU) for rice cooperation between Vietnam and Singapore may be an effective tool to maintain the number 1 position of Vietnamese rice products in the Singapore market.

Source: Thương vụ Việt Nam tại Singapore