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Manila Bulletin devider Philippines devider National devider PH, Vietnam ink 5-year rice trade agreement

PH, Vietnam ink 5-year rice trade agreement

Published Jan 30, 2024 04:47 am

As expected, the Philippines and Vietnam signed a five-year agreement on rice trade during President Marcos's state visit.

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President Ferdinand 'Bongbong' Marcos Jr. and Vietnamese President Vo Van Thuong (Photo courtesy of PPA/KJ Rosales)

The Memorandum of Understanding (MOU) on Rice Trade Cooperation was among the several agreements forged by the two countries on Tuesday, Jan. 30.

Under the MOU, a framework for rice cooperation between the Philippines and Vietnam is created to ensure and establish sustainable food supply amidst the impact of climate change, pandemics, and other events external to both countries.

Vietnam agreed on a five-year trade commitment to supply, through its private sector, 1.5 million to 2 million metric tons (MT) per year at a competitive and affordable price of white rice to the Philippine private sector.

Apart from rice trade, the two countries are also expected to exchange information on policies, plans and regulations, and other rice-trade related activities.

Another MOU— Cooperation in Agriculture and Related Fields—was also signed during the bilateral meeting of both sides on Tuesday.

It aims to intensify tie up between the Philippines and Vietnam in the fields of agriculture, rural development, and other related fields, as well as establish 19 areas of cooperation including high value crops, livestocks, and aquaculture, farm management and sustainability, smart agriculture and aquaculture technology, research trainings, and exchanges of experts.

Other agreements inked in the meeting were Understanding on Incident Prevention and Management in the South China Sea, Memorandum of Understanding between the Philippine Coast Guard (PCG) and the Vietnam Coast Guard (VCG) on Maritime Cooperation, and Cultural Cooperation Program between the National Commission for Culture and the Arts of the Republic of the Philippines and the Ministry of Culture, Sports and Tourism of the Socialist Republic of Vietnam for the Period of 2024-2029.

The signing of the rice agreement was among the expected highlights of Marcos' visit in Vietnam as it guarantees the Philippines that Vietnam will be continuously supplying rice even in calamity situations.

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