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The Philippines & Vietnam, Finalizing a Rice Trade Agreement for 5 years

Vietnamese Prime Minister Mr. Pham Minh Cinh is in talks with the Philippines to finalize the trade agreement which will be in effect for five years.

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The Philippines & Vietnam, Finalizing a Rice Trade Agreement for 5 years

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  1. The Philippines & Vietnam, Finalizing a Rice Trade Agreement for 5 years The Philippines & Vietnam, Finalizing a Rice Trade Agreement for 5 years Vietnamese Prime Minister Mr. Pham Minh Cinh is in talks with the Philippines to finalize the trade agreement which will be in effect for five years. In a bilateral meeting with the Philippines President Ferdinand ‘Bongbong’ Marcos Jr., the Vietnamese Prime Minister said “Our two countries will conclude an intergovernmental agreement on rice trade so that our rice export to the Philippines will ensure food security in the Philippines. “Healso added, “We look forward to having a stable framework of cooperation on rice trade for a long period of at least five years.” In August, Vietnam announced it to provide a constant rice supply to the Philippines. During the meeting, Marcos added “This agreement would stabilise the rice supply and pricing in the Philippines amid the current volatility “Accordingto Vietnam’s General Statistics Office, This year Vietnam exported around 5.9 million tonnes of rice, generating $3.2 billion which is 37% up year-on- year. In July, India put some restrictions on the rice export to fulfill its domestic needs. These restrictions raised the global rice prices, concerning the Philippines. The Philippines was one of the major Indian rice importers in the previous fiscal.

  2. Vietnam Vietnam- -Philippines Rice Trade History Philippines Rice Trade History Vietnamese rice varieties were known for their resilience and high yields which makes them favourable for Filipino farmers. This trade is essential in stabilising and expanding the Philippines' agricultural output. In the 20th century, both countries engaged in rice trade as part of broader economic relations. Vietnam is the world’s third largest rice exporter in the world after India and Thailand. The Philippines is a major importer of Vietnamese rice. In fiscal 2022-23, the Philippines imported 3.9 million metric tonnes of rice. The Philippines was the second largest rice importer in the world after China. Both nations, Vietnam and the Philippines are also focused on expanding their agricultural portfolio by focusing on improving local rice production. Conclusion Conclusion To sum it up, Vietnam and the Philippines are on the verge of finalizing a rice trade deal which will be in effect for 5 years. This deal will be historic as the global rice market is facing a rice shortage. It is important to note that the Philippines has been a major importer of Vietnamese rice in the past decade. Tradologie.com offers the best platform for your needs if you're a rice importer looking to buy basmati rice in bulk or a rice exporter looking to export rice in bulk. With the help of Tradologie.com, bulk rice trade is possible for all types.Tradologie.com platform makes it possible for customers to purchase rice, wheat, and spices, among other high-quality agricultural products, at flexible prices. If you want to register as a buyer, click here. If you want to register as a seller, click here. To stay updated about the latest developments in the agro-trading sector, follow Tradologie on all social media platforms.

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