Importing Vietnamese rice at Surigao port: Photo: Inquirer

Data released by the US Department of Agriculture (USDA) in its monthly global report in May showed that Philippine rice imports are expected to increase even higher next year as consumption continues to grow.

Import volumes will reach a record high thanks to "increased population growth and tourism," while domestic rice production in the first three months of the year decreased. Sources of rice imports to the Philippines currently come mainly from Vietnam.

According to Vietnam Trade Counselor in the Philippines Phung Van Thanh, rice is Vietnam's main export product in this market. Previously, Vietnam competed with Thailand to become two major rice export partners for the Philippines.

However, since 2019, after the Philippines implemented an open-door policy, and liberalized imports and trade, Vietnamese rice has become an important source of supply, taking the leading position in rice exports to the Philippines.

Assessing Vietnam's rice advantages in the Philippine market, Phung Van Thanh said, "Many Vietnamese rice businesses had long-term business relationships with Philippine rice importers. They have gained trust in exporting rice to Philippine customers.

Second, Vietnamese rice has moderate quality, meeting the diverse needs of Philippine consumers, from many middle- and low-income populations to wealthy classes, with competitive prices. Third, Vietnam's rice supply is stable in quantity and price, meeting the annual import needs of the Philippines."

Vietnam Trade Counselor in the Philippines Phung Van Thanh said that these results are thanks to Vietnam's efforts. However, there is still room for Vietnam to increase rice export turnover to the Philippines, maintaining its leading position in the Philippine market.

"Vietnam needs to continue to create and maintain trust with customers in the Philippine market. We need to have a long-term strategy to maintain relationships with existing traditional partners, and at the same time seek opportunities, and expand cooperation with new partners.

Vietnam focuses on product diversification, not only exporting high-quality rice to serve the needs of high-income consumers but also paying attention to low- and middle-income groups," Phung Van Thanh said.

Regarding rice exporters, the US Department of Agriculture said that India is expected to remain the world's leading rice exporter despite trade restrictions, with exports expected to reach 18 million tons, equivalent to about 1/3 of the total global export volume.

Increased exports are due to larger crop yields and abundant reserves, which will partly offset declines from other major exporters such as Vietnam, Thailand, Pakistan, and Myanmar.

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