Thailand risks having tariffs block exports of jasmine rice into Europe and America.

Vietnam uses a green strategy to increase rice export power, keeping an eye on CBAM enforcement. Vietnam has successfully entered the European and American markets, while Thailand has to face huge import tariffs and risks losing to Vietnam.

Mr. Jirayut Sapsrisopa, founder and CEO of Bitkub Capital Group Holdings Co., Ltd., revealed at the World Economic Forum's Annual Meeting of the New Champions 2024 in Dalian, People's Republic of China, that Vietnam is currently emerging as one of the most prominent economic growth countries in the ASEAN region. It projected 8% growth in 2022, 5% in 2023, and a projected 6% growth in 2024, exceeding China's growth rate. In the short term, Vietnam has maintained very low levels of household debt and successfully controlled inflation.

Including the country's rice reserve (Rice Reserve) of 4 million tons and reducing interest for Entreprise in order to have access to low costs of doing business as well. With these short-term strategies, Vietnam has a strong foundation.

In the long term, Vietnam shares China's vision in four key areas : Digital, Green, Open, and Inclusive. Vietnam emphasizes aligning regulations and policies with global trends and prioritizes investment in new infrastructure such as AI, Big Data, 3D Printing, Internet of Things (IoT), and Blockchain, which will enable Vietnam to achieve rapid growth.

Especially the production and development of Vietnam's workforce that can produce up to 500,000 students in science and technology fields per year, in line with Vietnam's growth this year at 16% from the Digital Economy business.

Another thing that Thai people must know is The Prime Minister of Vietnam announced at the meeting that Vietnam is now able to successfully produce High Quality Low-Methane Rice, a production of good quality rice that reduces methane emissions. If the measure to adjust the price of carbon before crossing the border of the EU or CBAM (Carbon Border Adjustment Mechanism) is seriously enforced, when will it be implemented? As a result, Vietnamese rice can be exported to the European and American zones very easily.

While Thai jasmine rice may not be able to be exported to these countries or may face huge import tariffs. As a result, Thai rice exports may immediately lose to Vietnam. It is a matter that Thailand must urgently review.