Products which claim to feature the ST25 rice strain which was crowned the World's Best Rice at a recent contest have flooded in the Vietnamese market.

Vietnam’s ST24 rice variety was recognised as the World's Best Rice this year.

Vietnam and Thailand are two major rice exporters to the Hong Kong market, but Vietnamese rice prices are 50% lower than those offered by its rival, leaving wide room for growth for Vietnamese rice exports to the former British territory.

Experts believe Vietnam needs a long-term strategy to increase the quality of its rice exports to create sustainable growth in the future.

Analysts warn that Vietnam will have to struggle to implement the rice export plan this year because many key markets have tightened control over imports.

The government of Thailand has approved a budget of 21.5 billion baht to ensure a rice price at a reasonable level for Thai farmers. The policy is expected to have a negative impact on other export countries, including Vietnam.

Thailand has passed a plan to allocate its budget of 21.5 billion baht to help stabilize rice prices for Thai farmers. This subsidy program may affect rice exporters including Vietnam, according to local rice operators.

Rice exports to the Philippines have increased sharply as the country has lifted quotas since the beginning of the year. However, Vietnamese farmers have not received big benefits.

Several US importers have added rice to the list of product items they will buy from Vietnam.

The rice price guarantee scheme will begin next month with farmers set to be paid the difference when the price falls below a predetermined benchmark, Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said.

Vietnam’s economy has been better off over the last three years with exports growing rapidly.

Vietnam's rice export industry is trying to find new customers as exports to China, the country’s biggest customer, dropped.

The large-scale field model has developed more slowly after a boom period.

While the entire society was still in dreaming of being a rice export power, farmers were realistic, realizing that the higher the yield of rice, the lower profit they would get because of higher fertilizer and pesticide costs.