Vietnam, Thailand vie for larger rice market share in Philippines
Rice exporters of Vietnam and Thailand are competing to gain a larger market share in the Philippines, reported Nikkei Asia in an article published on August 2.
Workers package rice for export at Thoai Son Food Co.Ltd, a member of Loc Troi Group Joint Stock Company. (Photo: VNA)
Hanoi (VNA) – Rice exporters of Vietnam and Thailand are competing to gain a larger market share in the Philippines, reported Nikkei Asia in an article published on August 2.
According to the article, one of the reasons is that the Philippines is stepping up rice imports from neighbouring countries due to a decline in domestic supply. The Southeast Asia nation has also cut rice import tariff to stabilise rice prices in the domestic market.
The article cited data from the US Department of Agriculture showing the Philippines - the world's largest rice importer - is forecast to ship in up to 4.1 million tonnes of the grain this year, up from 3.2 million tonnes in 2023.
𓆏 During a working visit to Vietnam in July, Secretary of the Philippine Department of Agriculture Francisco Tiu Laurel said Manila wants to promote cooperation with Vietnam in rice production to ensure food security. In recent years, the Philippines has remained the leading importer of Vietnamese rice./.
Vietnam has many opportunities to promote rice exports in the second half of this year, even though India could change its rice export policy in the next few months, according to the Ministry of Industry and Trade (MoIT).
Agriculture ministers of Vietnam and the Philippines have agreed to establish a rice industry alliance between the two countries and upgrade the trade relationship to an investment partnership in the rice industry.
Thailand expects to export 8.2 million tonnes of rice this year, up from a previous forecast of 7.5 million, helped by demand from major markets and a weakening THB, according to the country’s Commerce Ministry.
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