Vietnam increases rice import and export cooperation with Indonesia and the Philippines

Vietnam will sign a rice trade agreement with Indonesia and the Philippines to increase cooperation in rice production and export to each country.

This information was stated by Prime Minister Pham Minh Chinh when meeting with the Presidents of Indonesia and the Philippines on the occasion of attending the ASEAN - GCC Summit in Riyadh, October 20.

Accordingly, the Prime Minister agreed to assign relevant ministries and sectors to promote the signing of a rice trade agreement with these two countries. This is to enhance the initiative of Vietnam, the Philippines, and Indonesia in rice production, import and export.

The Philippines, the country that imports the most Vietnamese rice, has resumed buying Vietnamese rice after nearly a month of suspension due to the ceiling price order on domestic rice. In the first nine months of the year, Vietnam exported 2.4 million tons of rice to the Philippines, equivalent to nearly 1.5 billion USD, up nearly 20% in value compared to the same period last year.

Indonesia also increased its purchases in large quantities to increase domestic reserves. In early October, the country also invited bids for 500,000 tons of rice, including supplies from Vietnam.

According to data from the Ministry of Agriculture and Rural Development, by the end of September this year, Vietnam earned nearly 3.7 billion USD from rice exports, up 40.4% over the same period last year. The average rice price reached 553 USD per ton, up 14% over the same period in 2022, at times reaching nearly 650 USD per ton.

Workers harvest rice for hire in Ho Chi Minh City, September 2021. Photo: Quynh Tran — Workers harvest rice for hire in Ho Chi Minh City, September 2021. Photo: *Quynh Tran*

In addition to cooperation in rice import and export, Prime Minister Pham Minh Chinh and the Philippine President also agreed that the two countries should make efforts to facilitate the two countries' goods to penetrate deeper into each other's markets, aiming to soon increase two-way trade turnover to 10 billion USD.

Meeting with Indonesian President Joko Widodo, the two leaders affirmed that they will expand the import and export of agricultural products and promote the early ratification of the Agreement on the delimitation of exclusive economic zones.

On the same day, meeting with Cambodian Prime Minister Hun Manet, Prime Minister Pham Minh Chinh agreed to promote cooperation and connect the two economies, contributing to supporting each other in building an independent and self-reliant economy.

The two Prime Ministers affirmed to create more favorable conditions for investment and business cooperation activities in border trade, economic development cooperation in border areas and realizing the idea of tourism cooperation "one journey, three destinations" between Cambodia, Laos and Vietnam.

Prime Minister Pham Minh Chinh met with Cambodian Prime Minister Hun Manet at the ASEAN-GCC Summit on October 20. Photo: Minh Tien — Prime Minister Pham Minh Chinh met with Cambodian Prime Minister Hun Manet at the ASEAN-GCC Summit on October 20. Photo: *Minh Tien*

Meeting with Singaporean Prime Minister Lee Hsien Loong at the Summit today, the two Prime Ministers discussed directions towards upgrading the bilateral relationship to a Comprehensive Strategic Partnership at an appropriate time.

The two sides also agreed to assign relevant agencies of the two countries to study the possibility of establishing an association of industrial parks of the two countries, in order to enhance the operational efficiency of Vietnam - Singapore industrial parks (VSIP) according to a smart, green, sustainable model, combining the development of industrial park - urban ecosystems. The two sides also agreed to cooperate to soon build a common database of the two countries to promote the digital transformation of the two economies.

Prime Minister Pham Minh Chinh is visiting Saudi Arabia and attending the first ASEAN-GCC Summit, at the invitation of King Salman bin Abdulaziz Al Saud, from October 18-20. This is the first time leaders of ASEAN and GCC countries have met after 33 years of establishing relations. The leaders are expected to adopt a Joint Statement after the Summit concludes.

Saudi Arabia is Vietnam's leading economic partner in the Middle East. In 2022, the two countries' trade turnover reached 2.7 billion USD, and over 2 billion in the first 9 months of this year.

Hoai Thu

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