Department of Agriculture Secretary Francisco Tiu Laurel stressed on Wednesday the importance of Vietnam as the country's trading partner in agricultural commodities.

“[Vietnam] is, in fact, our third-largest trading partner in the ASEAN region in terms of the overall value of agricultural trade,” he said after highlighting that maintaining a ‘robust trade’ in ensuring food security, especially the supply of rice, in challenging times is as crucial as expanding capacities for increased agricultural productivity.

Laurel cited that approximately 80% of the Philippines' rice imports are from Vietnam, and the former accounts for more than 40% of the latter’s rice exports.

Moreover, during his bilateral meeting with Minister of Agriculture and Rural Development Le Minh Hoan, Laurel said: “The Philippines puts high importance on its bilateral relations with Vietnam in the field of agriculture, and it considers Vietnam a key partner in the effort to transform the agriculture sector of the Philippines as well.”

On Tuesday, 30 January, the agriculture chief signed a memorandum of understanding on a rice trade agreement with Vietnam’s Minister of Industry and Trade, Nguyen Hong Dien, during President Ferdinand Marcos Jr.'s state visit to Hanoi, which created a framework for rice cooperation between the two states to establish 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 sector with 1.5 million to 2 million metric tons of white rice per year at a competitive and affordable price for five years.

Additionally, the DA and the Minister of Industry and Trade will collaborate to ensure that rice from Vietnam complies with Philippine standards for food safety and plant health.

“To further facilitate smooth trade and help ensure food security, the two ministries agreed to closely coordinate to address illegal rice trade and consult with each other in advance of any imposition of export measures that could hinder or delay exportations,” said the DA, adding that the inked MOU will also promote and intensify the two Southeast Asian countries support in high-value crops, livestock, and aquaculture production and development; post-harvest facilities and food processing; digital and climate-smart agriculture; agri-fisheries mechanization; among others.

The two countries are also set to engage in exchanging information on policies, plans, and regulations, as well as other rice-trade-related activities.