Vietnam is ready to supply affordable rice in long-term to the Philippines

At the meeting, Prime Minister Pham Minh Chinh expressed delight upon witnessing the growing development of the Vietnam - Philippines Strategic Partnership. The Prime Minister affirmed his wish to further deepen this cooperative relationship, bring practical benefits to the people of both countries and contribute to peace, security and stability in the region.

Mr. Ferdinand Romualdez Marcos said that this meeting is an opportunity to strengthen cooperation between the two countries in particular and ASEAN in general. Referring to the recent meeting with President Vo Van Thuong in the United Kingdom, the Philippines President affirmed that the relationship between the two countries has established a firm foundation. “I hope to visit Vietnam soon this year to discuss with the leaders of your country the direction so that the two countries' relations can develop even stronger”.

The two sides agreed to promote the exchange of delegations at all levels, including the exchange of experiences between the ruling parties as well as people-to-people exchanges. The two leaders affirmed their determination to soon bring the two-way trade turnover to USD 10 billion through measures that facilitate market opening for each other's key exports, including agricultural products and food; deepen cooperation in fields where the two sides have potentials and strengths such as agriculture, industry, high technology, tourism, marine economic development, education and training.

Prime Minister Pham Minh Chinh stated that Vietnam is ready to supply rice in a strategic, long-term, stable manner at an affordable price to the Philippines, thereby contributing to assisting the Philippines in ensuring food security. Appreciating Vietnam's goodwill, President Ferdinand Romualdez Marcos regarded Vietnam as a very important partner of the Philippines and hoped that the two sides can promote the role of private enterprises in economic cooperation and investment.

The two Leaders agreed to strengthen coordination and consultation with each other, contributing to strengthening solidarity and the central role of ASEAN. Sharing common concerns about challenges in the East Sea, both sides affirmed to stick to the principle of peaceful settlement of disputes in accordance with international law and UNCLOS 1982, putting more efforts into the work of maintaining peace, stability, security, maritime and aviation safety.

On this occasion, Prime Minister Pham Minh Chinh respectfully conveyed the words of General Secretary Nguyen Phu Trong and President Vo Van Thuong inviting Philippine President Ferdinand Romualdez Marcos to visit Vietnam this year.

Vietnam is currently one of the largest rice suppliers to the Philippines. In mid-April, the National Food Authority of the Philippines (NFA) proposed to import 330,000 tons of rice to cover an expected shortfall in stocks. The government of the Philippines is doing everything possible to control inflation and reduce rice prices. Apart from continuing to keep import tax incentives low until the end of this year, the Philippines also increased rice purchases from abroad, including Vietnam.

According to preliminary statistics of the General Department of Vietnam Customs, in the first quarter of 2023, the Philippines accounted for more than 45% of Vietnam's rice export value, reaching USD 450 million, up nearly 45% compared to the same period last year.

Many Vietnamese agricultural and industrial products have penetrated and establish certain foothold in the Philippine market, especially for products such as coffee, cement, iron and steel, construction materials, and processed seafood. In particular, Vietnamese rice exports to this market have grown in recent years, accounting for an increasing percentage of total rice export volume and value.

Vietnam is also promoting research and collaborating with international partners to create new varieties and farming processes adapted to climate change. Therefore, Vietnam and the Philippines need to solidify cooperation in the rice trade to create a long-term partnership.

In the context of climate change, the two sides deemed it essential to strengthen exchanges and cooperation in the research and development of plant varieties (high-quality rice varieties, maize varieties, etc.) in adverse weather conditions such as drought, saltwater intrusion, floods, resistance to pests and diseases; research on the scientific basis and share practical experience in loss and damage assessment as well as international negotiation experience related to loss and damage, climate change adaptation; to train and train researchers and managers of the agriculture and rural development sectors related to climate change response and climate-smart agricultural development.