Agriculture Secretary Francisco Tiu Laurel Jr. stressed on Wednesday the importance of Vietnam as a trade partner in agricultural commodities.

“(Vietnam) is, in fact, our third-largest trading partner in the ASEAN region in terms of the overall value of our agricultural trade,” he said.

Maintaining a “robust trade” to ensure food security, especially the supply of rice, in challenging times is as crucial as expanding capacities for increased agricultural productivity, he added.

Laurel noted that approximately 80 percent of the Philippines’ rice imports are from Vietnam, while the former accounts for more than 40 percent 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. 

The  MoU will create 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 Philippines 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 Vietnam Ministry 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 the 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.