THE Philippines signed on Tuesday a five-year rice supply agreement with Vietnam, which will ensure its access to 1.5 million to 2 million metric tons (MT) per year of rice from its Asean neighbor.
The Memorandum of Understanding (MOU) on Rice Trade Cooperation between the two countries was finalized during the concluded State Visit of President Ferdinand R. Marcos Jr. in Vietnam.
The accord provides the framework, which guarantees Vietnamese white rice will be sold to the Philippine private sector “at a competitive and affordable price.”
Rice trade agreements were also signed between Philippine and Vietnamese state-owned and private companies.
Marcos thanked Vietnamese Prime Minister Pham Minh Ching and Vietnamese President Vo Van Thuong for the new partnership, which he said, will help ensure the country’s food security.
“I appreciate Viet Nam’s readiness to support the Philippines’s rice requirements. Especially coming from the pandemic, we recognize the importance of food security and sustainable global supply chains,” the President said in his speech in Vietnam’s government headquarters.
During the 43rd Association of Southeast Asian Nations (Asean) Summit in Indonesia in September, Marcos said the MOA will help address future volatility in the rice market.
He noted he is looking forward to the completion of the country’s other agriculture-related partnerships with Vietnam including those related to the transfer of technology.
The President pointed out the similar previous partnerships have significantly benefited both countries such as the Fisheries Cooperation that was signed in 2010.
The cooperation agreement, he said, allowed both countries “to coordinate on policies and exchange information on fisheries, aquaculture, capacity development, post-harvest development, and food safety.”