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Vietnam, Philippines to sign inter-government rice pact as global prices soar

Huyen Hoang Friday | 09/08/2023 16:27

Photo: baodantoc.vn

The governments of Vietnam and the Philippines agreed to sign a rice trade pact to ensure food security amid recent developments in global food supply chains, Vietnamese authorities said on Thursday.

The decision came during the meeting between Prime Minister Pham Minh Chinh and Philippine President Ferdinand Marcos Jr. on the sidelines of an ASEAN Summit in Indonesia.

“We look forward to having a stable framework of cooperation on rice trade for at least five years,” Prime Minister Chinh told Philippine President Ferdinand Marcos Jr.

The agreement will benefit both sides and help Vietnam maintain its rice production while facilitating the Philippines’ import from Vietnam, Chinh commented.

Vietnam was the world’s third-largest rice exporter last year after India and Thailand, and the Philippines became its largest buyer, accounting for nearly 90% of the country’s import needs.

The two leaders agreed to promote bilateral cooperation in potential fields (agriculture, aquaculture, oil and gas...); expand new fields (digital economy, circular economy, green economy, innovation...), and support human resources training and labor.

In addition, they promote close cooperation and coordination on maritime issues. President Marcos Jr. affirmed that he would support Vietnam’s efforts to remove the yellow card warming imposed by the European Commission for illegal, unreported, and unregulated (IUU) fishing activities.

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