Agriculture Secretary Francisco P. Tiu Laurel Jr. has secured a commitment from Vietnam to supply the country with 1.5 – 2 million metric tons of white rice each year for five years. Laurel has signed a memorandum of understanding with Minister Nguyen Hong Dien of the Ministry of Industry and Trade of Viet Nam under an enhanced cooperation on rice trade with its neighbor.
“While DA is focused in improving capacities for increased agricultural productivity, it is equally imperative to maintain a robust trade to help ensure food security, in particular, the supply of rice, especially in challenging times,” Laurel said.
He added that, “Viet Nam is an important trading partner of the Philippines in agricultural commodities. It is, in fact, our third largest trading partner in the ASEAN region in terms of overall value of agricultural trade. Around 80 percent of our rice imports are from Viet Nam, and the Philippine market accounts for over 40 percent of Viet Nam’s rice exports.”
Laurel also further strengthened relations with the Ministry of Agriculture and Rural Development under Minister Le Minh Hoan and update the cooperation agreement signed in 1999. The new MOU promotes and intensifies mutual support between the Philippines and Viet Nam in areas covering high value crops, livestock (including dairy), and aquaculture production and development; post-harvest facilities and food processing; digital and climate-smart agriculture; agri-fisheries mechanization; among others.
Minister Le Minh Hoan and Secretary Laurel articulated, “The Philippines puts high importance to its bilateral relations with Viet Nam in the field of agriculture, and it considers Viet Nam a key partner in the effort to transform the agriculture sector of the Philippines as well.”
The agreements were signed during the two-day State Visit of President Ferdinand R. Marcos, Jr. to Hanoi, Viet Nam. The exchange of bilateral documents was witnessed by President Marcos and Viet Nam President Vo Van Thuong.
On the margins of the State Visit, Secretary Laurel also witnessed the signing of memoranda of agreements and understanding between three Philippine and eight Vietnamese enterprises on rice supply and food value chain.
