According to Channel News Asia (CNA), under the new agreement, Vietnam will support the unlimited export of a certain amount of rice based on the consensus between the two countries to Singapore.
The Memorandum of Understanding on cooperation on rice trade was signed on the sidelines of the Asia- Pacific Economic Cooperation (APEC) Summit Week.
The agreement was signed by Minister of Sustainable Development and Environment and Minister in charge of Trade Relations, Ms. Grace Fu, and Minister of Industry and Trade of Vietnam, Mr. Nguyen Hong Dien.
In a joint press release, the two ministries said the memorandum of understanding lays a “solid foundation” for promoting stable and sustainable rice trade. This will help enhance bilateral food security by avoiding unnecessary trade restrictions.
“This is Singapore’s first memorandum of understanding on rice trade signed with a trading partner, and we are pleased to do this with Vietnam, one of Singapore’s largest rice suppliers,” said Ms Fu.
Minister Fu noted that Singapore imports the majority of its food and is not immune to disruptions in global food supplies. “Securing global and regional partnerships is essential to ensure a stable supply of rice for Singapore,” she said.
On the Vietnamese side, Minister Nguyen Hong Dien said this agreement strengthens the connection between Singapore and Vietnam, while creating a premise for stable cooperation in the context of "unpredictable developments in the global market".
According to Minister Nguyen Hong Dien, the enhancement of rice trade cooperation is a clear demonstration of joint efforts to ensure the resilience of supply chains and food security in ASEAN.
"In the coming time, we hope that the authorities of the two sides will continue to cooperate closely to further expand the supply of prestigious, high-quality Vietnamese agricultural and food products to the Singapore market," said Minister Nguyen Hong Dien.
Minister Nguyen Hong Dien added that this agreement marks a concrete step forward in implementing the Comprehensive Strategic Partnership (CSP) between Singapore and Vietnam - a relationship that was upgraded in March this year.
The Vietnam Trade Office in Singapore believes that with the size of the imported rice market in Singapore remaining stable, Vietnamese rice will continue to face strong competition from similar products from India, Thailand and Japan. Singapore imports rice from about 30 countries. Vietnam is currently maintaining its position as the third largest rice supplier to Singapore, after India and Thailand.
The Singaporean Government's proposal to sign a bilateral rice trade agreement with Vietnam may contribute to stabilizing rice exports to Singapore in the coming time.
Source: https://baotintuc.vn/kinh-te/viet-nam-tro-thanh-nuoc-ky-ban-ghi-nho-thuong-mai-gao-dau-tien-cua-singapore-20251030090627205.htm
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