Rice trade deal with Philippines extended to late 2018
Wednesday, 18/01/2017 17:49 (GMT+7)
The Ministry of Industry and Trade’s Asia-Pacific Market Department has said the rice trade deal between the Governments of Vietnam and Philippines was officially extended for the following period from December 31st, 2016 to December 31st, 2018.
Photo for illustration. (Source: baocongthuong.com.vn)
The trade deal is a firm legal foundation helping Vietnam continue to maintain its rice market share in the Philippines, because the country mainly imported rice through the government’s contract.
From 2011 to 2015, the Philippines is always one of the Vietnam’s key rice export markets. Vietnamese rice shipped to the market often occupies 17-20% of the country’s total amount exported worldwide annually in the 2011-2015 period.
Each year, the Philippines imports from 0.5 to 1.5 million tons of rice from Vietnam.
The extension of the trade deal is expected to contribute to stabilizing Vietnam’s rice export markets in the context of the globally and regionally complicated situation.
Together with pressure on price and quality from traditional rivals like Thailand and India, Vietnam is competing with the emerging rice exporters such as Pakistan, Cambodia and Myanmar./.
BTA
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