Rice sacks are loaded onto a ship at Saigon Port (Photo: VNA)Hanoi (VNA) – Vietnamwill continue to supply up to 1.5 million tonnes of rice per year to thePhilippines as the rice trade agreement between the two countries has beenextended to December 31, 2018, according to Vietnam’s Ministry of Industry and Trade.
The agreement is a solid legalfoundation for Vietnam to maintain its share in the Philippines rice market asthe product is mostly imported to the country via governmental auctions.
The extension of the deal helpsstabilise Vietnam’s rice export market. The country has been competing withboth traditional rice exporters such as Thailand and India as well as emergingones like Pakistan, Cambodia and Myanmar.
The Philippines is a key riceimporter of Vietnam, buying from 500,000 – 1,500,000 tonnes of rice fromVietnam every year, and accounting for 17 – 20 percent of Vietnam’s totaloverseas rice shipments during 2011-2015.-VNA
VNA
