Vietnam cooperate on rice exports with Thailand and Philippines
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Vietnam has agreed with Thailand as well as the Philippines to strengthen rice export cooperation to ensure regional and global food security.
The consensus was reached when Vietnamese Prime Minister Pham Minh Chinh met with Thai counterpart Srettha Thavisin and Filipino President Ferdinand Romualdez Marcos on the sidelines of the ASEAN-Japan Commemorative Summit on Sunday in Tokyo.
The Vietnamese and Thai prime ministers agreed to lift the two-way trade between the two countries to US$25 billion soon, through creating more favorable conditions for importing and exporting goods, including rice.
Thailand is currently Vietnam’s largest trading partner in ASEAN, with import-export turnovers reaching $21.5 billion last year. Meanwhile, it is the 9th largest foreign investor in Vietnam.
Vietnam and Thailand will also implement the “Three Connections” Initiative which focuses on new areas such as digital transformation, green transformation, and the circular economy.
The Vietnamese prime minister and the Filipino President agreed to step up rice export cooperation to ensure regional and global food security when both countries export rice to many nations, and the Philippines imports Vietnamese rice.
Among Vietnamese rice importers, the Philippines currently imports the most. In the first nine months of this year, the Philippines imported 2.4 million tons of rice worth $1.5 billion from Vietnam.
Data from the Ministry of Agriculture and Rural Development shows in the first 11 months, Vietnam earned $4.4 billion from exporting 7.75 million tons of rice to many countries around the world.
The average price of Vietnamese rice was $568 per ton, surging 17% over the same period last year, sometimes reaching nearly $650 per ton.
Questions & Answers
Q.What is the primary goal of the rice export cooperation agreed upon by Vietnam, Thailand, and the Philippines?
What is the primary goal of the rice export cooperation agreed upon by Vietnam, Thailand, and the Philippines?
The main objective of the agreement between Vietnam, Thailand, and the Philippines is to strengthen rice export cooperation to ensure regional and global food security for all involved nations. This collaboration aims to stabilise supplies.
Q.How much rice did the Philippines import from Vietnam in the first nine months of this year, and at what value?
How much rice did the Philippines import from Vietnam in the first nine months of this year, and at what value?
The Philippines imported 2.4 million tons of rice from Vietnam during the first nine months of this year. The total value of these imports amounted to $1.5 billion, making the Philippines Vietnam's largest rice importer.
Q.What is the target for two-way trade between Vietnam and Thailand, and how does last year's trade compare?
What is the target for two-way trade between Vietnam and Thailand, and how does last year's trade compare?
Vietnam and Thailand aim to increase their two-way trade to US$25 billion soon. Last year, the import-export turnovers between the two countries reached $21.5 billion, with Thailand being Vietnam's largest ASEAN trading partner.
Q.How much did Vietnam earn from rice exports in the first 11 months, and how did the average price compare to last year?
How much did Vietnam earn from rice exports in the first 11 months, and how did the average price compare to last year?
In the first 11 months, Vietnam earned $4.4 billion from exporting 7.75 million tons of rice. The average price of Vietnamese rice was $568 per ton, which represented a 17% increase over the same period last year.
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