President Marcos secures Vietnam rice imports and strengthens coast guard cooperation
Published on: February 2, 2024.
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January 31, 2024
Philippines and Vietnam Sign Agreement to Boost Rice Trade
In a significant move to strengthen bilateral ties, the Philippines and Vietnam have signed an agreement allowing private Vietnamese traders to supply up to 2 million metric tons (MT) of rice annually to Filipino counterparts over the next five years. This strategic deal aims to ensure a sustainable food supply for the Philippines, especially amidst the challenges posed by climate change, pandemics, and other external factors.
During President Ferdinand Marcos Jr.’s two-day visit, several key agreements were inked, demonstrating the commitment of both nations to enhance cooperation. Alongside the rice trade agreement, the two countries also signed a pact to enhance collaboration between their coast guards, promoting maritime safety and preventing untoward incidents in the South China Sea.
Moreover, a memorandum of understanding (MOU) was signed to bolster cultural ties between the Philippines’ National Commission for Culture and the Arts and Vietnam’s Ministry of Culture, Sports, and Tourism. This MOU builds upon the foundation set by a similar accord signed in 1998, expanding cultural exchanges between the two nations.
As Vietnam stands as one of the world’s major rice exporters, this MOU on rice trade sets the stage for a fruitful collaboration between the Philippines and Vietnam. Under the agreement, Vietnam’s private sector commits to supplying the Philippines’ private sector with 1.5 million to 2 million MT of white rice each year for the next five years, ensuring a competitive and affordable price.
The MOU seeks to facilitate the exchange of information on policies, plans, regulations, and other rice trade-related activities between the two countries. By intensifying bilateral linkages in the agriculture sector, this agreement fosters cooperation in various fields such as high-value crops, livestock and aquaculture, farm management and sustainability, smart agriculture and aquaculture technology, research training, and expert exchanges.
This comprehensive collaboration aims to address the challenges faced by both countries while promoting mutual growth and development. The Philippines and Vietnam are optimistic that this partnership will strengthen their bond and contribute to the stability and prosperity of the region.
Source: [Asianews Network](https://asianews.network)
