MANILA — Vietnam has committed to supply the Philippines with 1.5 to 2 million metric tons of rice annually under an agreement signed this week, the Philippine agriculture department said Wednesday.
The Philippines, one of the world’s largest importers of the grain, has for years been the largest export market for rice from Vietnam.
Vietnam’s rice exports to the Philippines were 3.13 million tons last year, accounting for 38.5% of its total rice shipments, according to Vietnamese government’s customs data.
Vietnam’s Ministry of Industry and Trade signed a memorandum of understanding (MOU) with Manila’s farm ministry during this week’s state visit of Philippine President Ferdinand Marcos Jr.
“For a duration of five years, the two agencies will also pursue other cooperation activities, such as exchange of information on rice production, crop situation, import and export needs, among others,” the agriculture department said.
Marcos said the two countries aim to increase bilateral trade to $10 billion from $7 billion.
— Reporting by Mikhail Flores; Editing by Kevin Liffey, Martin Petty
