Vietnam’s rice exports to Singapore recorded significant growth in 2024, cementing Vietnam’s position as the third-largest rice supplier of the city state, according to the Vietnam Trade Office in Singapore.

Rice exports set new records in both volume and value in 2024 but the commodity is expected to face a difficult year ahead as India lifted its ban on non-basmati white rice exports in September, which will push up global rice supplies next year.

VOV.VN - Vietnam exported nearly 8.5 million tonnes of rice worth US$5.31 billion over the past 11 months, up 10.6% in volume and 22.4% in value compared to the same period from last year, the Ministry of Agriculture and Rural Development has reported.

VOV.VN - By November 15, Vietnam’s rice exports had reached 8.05 million tonnes with a value of US$5.05 billion, according to statistics from the General Department of Customs.

Although Vietnam’s rice exports have traditionally focused on Asian markets, experts have advised businesses to pay more attention to Africa which has emerged as a key potential market.

VOV.VN - In 2024, Vietnam is expected to set a new record for rice exports, with forecasts indicating over 8 million tonnes would be exported and total export revenue would potentially surpass US$5 billion.

Vietnamese businesses have secured three rice lots totalling 85,000 tonnes, representing 17% of Indonesia's massive 500,000-tonne rice tender in October, according to the rice market news site SSRicenews.

Improving the rice quality, diversifying markets, and building a recognisable and trustworthy brand identity for Vietnamese rice are among measures for Vietnam to boost its rice exports, said Secretary of All India Spices Importers Federation (AISIF) Hiren Gandhi.

VOV.VN - As many as 163 Vietnamese businesses have been certified to meet the conditions for rice export, according to an update from the Import-Export Department under the Ministry of Industry and Trade.

Despite the country’s status as one of the world’s leading rice exporters, Vietnam is expected to spend nearly US$1 billion on rice imports for processing this year.