Vietnam enhances rice export position in Canadian market
Vietnamese rice exporters have a golden opportunity to expand in Canada as the country seeks to reduce reliance on U.S. imports. With rising demand and support from trade agreements like the CPTPP, Vietnam’s premium rice varieties, including ST25, are gaining traction. Trade fairs and growing brand awareness could help increase Vietnam’s current 2% market share significantly.
As Canada seeks to diversify its supply sources and reduce dependence on a single partner like the US, Vietnamese rice enterprises are presented with a golden opportunity to expand their share in this market.
Amidst global trade uncertainties prompting Canada to diversify its markets, Vietnamese agricultural exporters, particularly those in the rice sector, are encouraged to seize this opportunity. Fully leveraging free trade agreements involving both countries will be key to quickly increasing Vietnam’s food exports to the North American nation.
As Canada seeks to diversify its supply sources and reduce dependence on a single partner like the US, Vietnamese rice enterprises are presented with a golden opportunity to expand their share in this market.
Tran Thu Quynh, Trade Counsellor at the Vietnamese Embassy in Canada, stated that Canada, housing approximately 7 million people of Asian origin, is one of the world’s seven largest rice importers, with an annual demand worth around US$500 million and a growing trend. However, over 50 percent of Canada’s rice imports currently come from the US. Vietnam has just begun to expand its rice market share in Canada, aided by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the growing popularity of ST25 rice.
In recent years, the Vietnam Trade Office in Canada has actively supported both domestic exporters and overseas Vietnamese businesses involved in rice import-export, aiming to raise Vietnam’s current market share in Canada above 2 percent.
Some overseas Vietnamese firms, such as KD Trading, have boldly imported ST25 rice, helping to boost brand awareness in Canada. Vietnam has now entered the list of the top five rice exporters to the Canadian market.
At the recent SIAL exhibition in Toronto, Vietnamese rice brand Lotus attracted strong interest from Canadian importers. The showcased products, including jasmine rice, Japanese-style sushi rice, and ST25 have been gaining popularity in major Canadian cities.
Vu Thi Hue, Sales Director of Lotus, shared that while her company has exported rice to Canada, it has yet to achieve the desired volume. She expressed a hope for reaching more customers and partners through trade fairs to increase exports and tap into Canada’s substantial consumption demand.
Hua Van Hao, Chairman of Kien Fat Trading, said Vietnam’s agricultural exports to Canada, especially rice and products such as rice noodles, have great potential. Vietnamese goods can compete effectively with those from neighbouring countries like Thailand, and there is ample room for growth in the Canadian market, he noted.
Amidst global trade uncertainties prompting Canada to diversify its markets, Vietnamese agricultural exporters, particularly those in the rice sector, are encouraged to seize this opportunity. Fully leveraging free trade agreements involving both countries will be key to quickly increasing Vietnam’s food exports to the North American nation.
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Source : Saigon News
