Bangkok (VNA) – The Bangkok Post on January 25published an article entitled “Vietnam’s clever rice strategy” by ExecutiveVice President of the Bangkok Bank Suwatchai Songwanich, mentioning Vietnam andThailand’s approaches to rice export.
The authorwrote that Vietnam, the world's second largest rice exporter, this month made asurprising move by starting to import the grain from India. It is importing thecheaper Indian rice to meet domestic demand while saving its own output, whichis currently selling at a multi-year high, for the export market.
The Vietnameserice prices recently have been outperforming those of Thailand, whichtraditionally attracted a high premium. One reason is that Vietnam hasconcluded a free trade agreement with the EU, opening the door to the lucrativeEuropean market. The recently signed Regional Comprehensive EconomicPartnership (RCEP) will also open more markets for higher-priced rice.
Vietnam is in agood position to take advantage of these opportunities, having worked hard toimprove the quality and variety of its rice, it said.
Thailand onceheld the crown as the world's biggest rice exporter but has now slipped to thethird place after India and Vietnam. It needs to learn from how Vietnam adaptedits trade to fit market developments.
According tothe article, Thai rice has been losing popularity in recent years as consumershave shifted to softer rice types. The country risks dropping to fifth placeover the next decade if it does not develop a more diverse and competitivelong-term rice strategy.
One wayThailand can find its way out of the economic crisis triggered by COVID-19 isto build on its advantages as a food-producing country by adding value andimproving efficiency, the paper said./.