Global Rice News

The Philippine government is planning to reduce its reliance on Vietnamese rice and explore other sources of supply, according to the Vietnam Trade Office in the Philippines. During a recent trade promotion conference, Phung Van Thanh, Vietnam Trade Counsellor in the Philippines, highlighted the need for Vietnamese rice exporters to be aware of this potential shift in demand. He explained that although the Philippines produces rice, its domestic production falls short of meeting consumer needs. Vietnamese rice has gained popularity in the Philippine market due to long-term business relationships between Vietnamese rice businesses and Philippine importers. Vietnamese rice is also suited to the tastes and preferences of Philippine consumers, ranging from low to high income levels. Additionally, Vietnamese rice offers stable supply and competitive prices, making it an attractive option for Philippine importers. The trade office advised Vietnamese rice exporters to continue focusing on the Philippine market while exploring opportunities in new markets. It also emphasized the importance of maintaining and improving the quality of Vietnamese rice products to enhance their value in the Philippine market. The Ministry of Industry and Trade, the Vietnamese Embassy, and the Trade Office in the Philippines will collaborate with domestic rice exporters to implement promotion programs and establish strong relationships with existing and new partners and importers. The Export-Import Department of the Ministry of Industry and Trade stated that the rice industry has significant export opportunities this year, but challenges are also present. Rice enterprises are advised to closely monitor the market and adopt effective and sustainable business strategies. Furthermore, the Ministry of Industry and Trade will work with other relevant agencies to negotiate new export markets and enhance competitiveness for Vietnamese rice.