Vietnam to sign rice trade deals with Indonesia, Philippines

VNExpress-Oct 21

Vietnam is set to sign rice export agreements with Indonesia and the Philippines, said Prime Minister Pham Minh Chinh. Relevant ministries and sectors would be urged to speed up the signing, he said at separate meetings with Indonesian president Joko Widodo and the Philippine president Ferdinand Marcos Jr. on the sidelines of the ASEAN-Gulf Cooperation Council Summit in Saudi Arabia on Friday. The Philippines, Vietnam’s biggest rice market, has started buying again after nearly a month’s suspension due to its imposition of domestic price caps. In the first nine months of this year, Vietnam exported 2.4 million tons of the grain worth nearly US$1.5 billion to the Philippines, the latter representing a 20% increase year-on-year. Earlier this year Indonesia invited bids for supplying 500,000 tons of rice, including from Vietnam. It imported 871,000 tons from Vietnam in the first nine months, 16 times the volume in the same period last year. Data from the Ministry of Agriculture and Rural Development shows Vietnam earned nearly $3.7 billion from rice exports in the first nine months, up 40.4%. The average rice price was 14% up at $553 per ton, occasionally climbing to nearly $650. Read more at: https://e.vnexpress.net/news/business/industries/vietnam-to-sign-rice-trade-deals-with-indonesia-philippines-4667485.html