Ample room ahead for rice exports to Philippines

Statistics compiled by the Ministry of Agriculture and Rural Development indicate that the Philippines is the leading consumer of Vietnamese rice, accounting for about 35% of the overall market share.

During the 11-month period last year, Vietnam exported 2.63 million tonnes of rice worth US$1.41 billion to the Philippines.

Thanh attributed this robust export growth to the Philippines to the fact that Vietnamese rice has been sold at competitive prices which are suitable for both high-income and low-income earners.

However, local enterprises have been advised to build a brand for Vietnamese rice in this country amid the current high export price, he noted.

Thanh analyzed that the Philippines has been heavily dependent on Vietnamese rice, meaning that it is currently seeking to diversify its supply source to avoid the reliance.

Furthermore, according to a recent survey in the Philippines conducted by the Vietnam Food Association (VFA), the recognition of Vietnamese rice brands remain low in the Philippines, while Japanese and Thai rice are developing good brands in the market.

He expressed his concern over the fact that many Filipinos eat Vietnamese rice but don't know the origin, adding that top priority should be given to the developing brands of Vietnamese rice in the market.

As a means of assisting export businesses in removing hurdles, Thanh revealed that the Vietnam Trade Office and Embassy in the Philippines will establish a Vietnam - Philippines Business Club in the 2024 to 2025 period.

The establishment of the office is aimed at helping local businesses seize upon opportunities to meet reputable partners without having to go directly to the Philippines, thereby further reducing costs and avoiding fraudulent partners, Thanh stressed.