Vietnam, the Philippines to establish rice alliance

Minister of Agriculture and Rural Development Le Minh Hoan and Philippine Minister of Agriculture Francisco Tiu Laurel Jr agreed to establish a rice alliance between the two countries during their talks held in Hanoi on July 9.

They said they wish the two countries will soon turn their bilateral trade relations into investment partnership in the rice industry.

Mr. Hoan said Vietnam is focusing on improving rice quality, reducing input costs, mitigating greenhouse gas effects, ensuring national food security, expand markets and building a sustainable rice brand in the international market.

Mr. Laurel Jr said Vietnam is the biggest rice supplier to the Philippines. In the first six months of the year, the country imported 2.17 million tons of rice, including 1.59 million tons from Vietnam.

The talks are expected to help boost the bilateral cooperation in agriculture, food security and sustainable development as well as promote agricultural trade and connection between businesses of the two countries.

The Philippines is Vietnam's biggest rice export market, accounting for 35-40% of Vietnam’s total rice export.

In 2023, Vietnam exported 8.13 million tons of rice, worth $4.67 billion, marking a year-on-year growth of 14.4% in volume and 35.3% in value.