Vietnam to supply PH with rice under 5-year deal

Vietnam committed to a five-year rice trade agreement with the Philippines, the Presidential Communications Office (PCO) said on Tuesday.

The Philippines and Vietnam signed a Memorandum of Understanding (MOU) on Rice Trade Cooperation during the state visit of President Ferdinand ''Bongbong'' Marcos Jr. in Hanoi.

Under the MOU, Vietnam agreed on a five-year trade commitment to supply white rice to the Philippine private sector, amounting to 1.5 million to 2 million metric tons (MT) per year at a competitive and affordable price.

Apart from rice trade, the Philippines and Vietnam were also expected to exchange information on policies, plans, regulations, and other rice-trade-related activities.

Meanwhile, a Memorandum of Understanding on Cooperation in Agriculture and Related Fields was also signed between the two countries.

During his bilateral meeting with Vietnamese President Vo Van Thuong, Marcos expressed hope for the finalization of the deals when it comes to agriculture.

''I believe that our Secretary of Agriculture came ahead of the rest of the delegation and his discussions are very much in full-swing and we look forward to the finalization of all the arrangements that have been discussed between our two countries in terms of agriculture, and specifically on the supply of rice from Vietnam to the Philippines and just as importantly the exchange – the transfer of technology that we can have between the Philippines and Vietnam as presently we have already seen that exchange in terms of technology, in terms of research where Vietnam has come to the International Rice Research Institute in the Philippines, and has developed new technology that we both can avail of,'' he said.

The MOU would intensify the tie-up between the Philippines and Vietnam in the fields of agriculture, rural development, and other related fields, as well as establish 19 areas of cooperation including high-value crops, livestock, aquaculture, farm management and sustainability, smart agriculture, and aquaculture technology, research training, and exchanges of experts.

A deal on a cultural cooperation program was also inked between the Philippines and Vietnam which would expand cultural exchanges and strengthen friendly relations per the two countries' cultural agreement. — DVM, GMA Integrated News