Vietnam is currently Singapore’s top exporter of rice, surpassing both Thailand and India. According to the sources, in the first quarter of this year, Vietnam exported rice valued at SGD36.15 million (about $26.55 million), an amazing 80.46% growth over the same time in 2023. This accomplishment corresponds to a market share of 32.03 percent. The exceptional rise in sticky rice, milled or peeled fragrant rice, and broken rice resulted in turnovers of SGD3.79 million.

Vietnam profited from India’s temporary prohibition on rice exports since July 20, 2023, which allowed it to increase its market share in Singapore despite fierce competition from Thailand, India, and Japan. The Vietnam Trade Officials did advise regional rice exporters to maintain the calibre of their goods and constantly improve their competitiveness. In order to maintain its leading position as Singapore’s leading rice supplier, the office intends to host additional exhibitions to highlight Vietnamese rice and raise awareness of the product.

According to data from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), imports of rice increased to around SGD112.9 million in the first three months of this year, a 23.86% increase from the previous year. The agency underlined the significance of cooperation between ministries, sectors, localities, associations, and enterprises to promote Vietnamese rice goods and trademarks. Furthermore, it is expected that Vietnam and Singapore will sign a letter of understanding on rice trade, which will promote bilateral commerce and maintain Vietnam’s position as Singapore’s main rice supplier.

The Vietnam Food Association (VFA) reports that prices for Vietnamese rice and paddy increased significantly last week. Field prices for paddy increased to an average of VND8,000 (about $0.31) per kilogramme, with VND8,050 being the highest price recorded. Parallel to this, the average cost of paddy at warehouses increased to VND9,475 per kilogramme, peaking at VND9,650.

While this was going on, the cost of the various varieties of broken rice increased. The price of 5% broken rice was VND14,200 per kilogramme, 15% at VND13,950, and 25% at VND13,750. The cost of premium white rice went up as well, going from VND14,010 to VND35 per kilogramme.

Vietnamese rice prices are also increasing in the export market.