(VOVWORLD) - Vietnamese rice prices have recently been outperforming those of Thailand, which traditionally attracts a high premium, according to the Bangkok Post.
 Vietnam now becomes the world's second biggest rice exporter. (Photo: VNA) |
Suwatchai Songwanich, executive vice-president with Bangkok Bank, wrote in the paper that one reason is that Vietnam has a new free trade agreement with the EU, opening the door to a lucrative European market.
The recently signed Regional Comprehensive Economic Partnership (RCEP) will also open more markets for higher-priced rice, he said. Vietnam is in a good position to take advantage of these opportunities, having worked hard to improve the quality and variety of its rice.
In addition to producing more high-quality fragrant rice, Vietnamese researchers have been developing varieties targeted to market trends as well as reorganising production methods, improving food safety and quality management, and increasing yields.
These efforts have led to higher yields, better brand recognition and global accolades, such as winning the best rice variety at the World Rice Trade Conference in 2019 and coming second to Thailand last year, the article stated.
Thailand once held the crown as the world's biggest rice exporter but has now slipped to third place after India and Vietnam. Thailand needs to learn from Vietnam to adapt its trade to fit market developments, according to Suwatchai.