The Memorandum of Cooperation is the basis for promoting stable and sustainable development of rice trade, contributing to ensuring bilateral food security, through avoiding the application of unnecessary trade restrictions.
According to the Memorandum of Cooperation, Vietnam will facilitate rice exports to Singapore in an amount of rice agreed upon by both sides, with specific agreed conditions, based on Singapore's demand.
At the signing ceremony, Vietnamese Minister of Industry and Trade Nguyen Hong Dien said that Singapore is a leading economic partner and an important market of Vietnam.
The signing of the Memorandum of Understanding on rice trade cooperation is a concrete step to implement the Comprehensive Strategic Partnership, contributing to strengthening the connection between the two economies , creating a foundation for stable and sustainable cooperation in the field of rice trade in the context of unpredictable fluctuations of the global market.
According to the Vietnam Trade Office in Singapore, in 2024, Vietnam's rice export turnover to Singapore will reach 128.9 million SGD, an increase of 28.4% compared to 2023, accounting for 28.25% of the rice market share in Singapore.
In the first 9 months of 2025, Singapore's import value of rice products from Vietnam reached SGD 87.8 million, down 11.5% over the same period in 2024, accounting for 25.3% of the total imported rice market share in this market.
Vietnam currently maintains its position as the third largest rice supplier to Singapore, after India and Thailand.
Source: https://hanoimoi.vn/viet-nam-singapore-thuc-day-thuong-mai-gao-721499.html
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