Vietnam elevates rice brand in demanding markets

Notably, 1,600 tonnes of high-value fragrant rice were sold at high prices to Singaporean and Malaysian markets in recent times.

The latest increase in rice export value can largely be attributed to high-quality rice varieties such as fragrant rice, with the cultivation areas of the specialty rice accounting for 85%.

Rice exports represented a bright spot in the country’s agricultural exports last year with export turnover reaching over US$3 billion, in addition to the average export price for rice standing at between US$680 and US$1,000 per tonne.

Huynh Van Thon, chairman and general director of Loc Troi Group, said that in recent years, the group has deployed a sustainable rice production model in line with the SRP Standard on Sustainable Rice Cultivation, with a specific focus on economic, social, and environmental factors.

With a clear aim to improve the quality of rice grains, the company exported the first batch of 126 tonnes of rice to the EU market in line with the EU-Vietnam Free Trade Agreement (EVFTA).

Local farmers and businesses have therefore successfully met the stringent quality standards set by the high-end market, which has served to elevate the domestic rice brand among the international market whilst simultaneously improving the lives of farmers, Thon added.

Tran Anh Thu, vice chairman of the An Giang People's Committee, said the locality has implemented a range of projects relating to sustainable rice production, with the primary goal of meeting export requirements set within the EU market, in addition to gradually elevating the rice brand of An Giang and the Mekong Delta in relevant export markets.

According to the Vietnam Food Association, the price of Vietnamese rice in recent times remains higher than that of the same product from Thailand, largely due to the introduction of high-quality rice varieties, which has helped to affirm the position of the rice brand in demanding markets.

Nguyen Trung Kien, vice president and General Secretary of the Vietnam Food Association (VFA), said with a focus placed on rice varieties structure, Vietnamese rice is anticipated to enter the mid-end and high-end segment markets. This can be put down to the country enjoying competitive advantages over other neighbouring countries due to having a good source of high-quality varieties.

Deputy Minister of Agriculture and Rural Development Le Quoc Doanh pointed out that Vietnamese rice has successfully achieved the highest value over the past 10 years thanks to improved quality of rice varieties that can meet export demand to demanding markets.

Doan therefore advised local businesses and farmers to focus on developing organic products and further affirming the Vietnamese rice brand among the international arena, adding that there is a positive outlook for rice exports ahead due to the increasing import demand coupled with high export prices in the coming time.