Vietnam, Phl seal 5-year rice supply deal

Vietnam will supply the Philippines with rice for five years, as confirmed by the Presidential Communications Office on Tuesday.

The two Southeast Asian countries signed a Memorandum of Understanding on a rice trade agreement during President Ferdinand ''Bongbong'' Marcos Jr.'s state visit to Hanoi, which created a framework for rice cooperation between the two states to ensure a sustainable food supply in the event of climate change, pandemics, and other external events for both countries.

Under the MOU, Vietnam, through its private sector, will supply the country's private sector with 1.5 million to 2 million metric tons of white rice per year at an affordable price.

Based on Statista data last year, Vietnam ranked third as the world's biggest rice exporter, and the Philippines as its top buyer. The former was estimated to have exported 6,800 metric tons.

Moreover, the two countries will be engaging in exchanging information on policies, plans, and regulations, as well as other rice-trade-related activities.

According to the PCO, the MOU on agriculture cooperation will intensify relations between the Philippines and Vietnam in the fields of agriculture, rural development, and other related fields, as well as establish areas of cooperation including high-value crops, livestock, and aquaculture, farm management and sustainability, smart agriculture and aquaculture technology, research training, and exchanges of experts.