In fact, the rice industry raked in a record high of US$4.8 billion from exporting up to eight million tonnes of rice in 2023 partly thanks to improved product quality.

When Vietnamese ST 25 rice won the world's best rice award in 2019, a Vietnamese businessperson and his colleagues put forward an idea of rice under the Vietnamese brand.

According to the executive, the Thai rice first made inroads into Europe 30 years ago, with its rice quality becoming the common standard for fragrant rice from Asia.

“Difficulties are not the price but how to convince European consumers to try Vietnamese rice to win their trust, so that our rice will gradually secure a firm foothold in the demanding market,” he says.

Vietnam is a leading rice exporter in the world and it should have a proper rice brand in this lucrative market. But in fact, Vietnamese rice is often sold in the market under the brands of other countries.

Entering into 2024, more one-kilo rice bags can be found on the shelves of supermarkets in Europe at a price of between EUR1.8 and EUR3 per kilo each. There is not much room for a price increase when Vietnamese rice prices are higher than those of Thai and Cambodian rice. Expanding its market share requires Vietnam to create price stability and quality differences.

At present, 130 Vietnamese rice agents have been set up across 12 major European markets. Statistics show between 60% and 70% of Asians have used Vietnamese ST rice, providing the basis for making Vietnamese rice even better known among European consumers.

In line with this, several paddy fields have been planned to specialise in rice production specifically for the European market.

Dr. Robert Caudwell, a representative of the International Rice Research Institute, says Vietnam is not only a leading rice exporter, but also a pioneer in producing high-quality, low-emission rice.

The on-going project to develop one million ha of low carbon rice will turn Vietnam into a supplier of high-end rice and help it to sell rice at higher prices in the global market, he stresses.

Carolyn Turk, country director of the World Bank (WB) in Vietnam, reveals that the WB has decided to support Vietnam with a loan of US$500 million to undertake the project, one of the key projects in the Asia-Pacific region.

As some rice producers are suspending exports, Vietnam has been doing well in ensuring food security, says Reeesmi Nono Womdim, chief representative of the Food and Agriculture Organization in Vietnam.

He expresses high hope regarding the positive signs for Vietnamese rice in early 2024, noting that Vietnam is set to see unprecedented opportunities as it becomes a global food hub moving forward.

Source: VOV