Singapore and Vietnam sign agreement on rice trade

On October 30, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit held in Gyeongju, South Korea, Vietnam and Singapore signed a Memorandum of Understanding (MOU) on Rice Trade.

The MOU was signed by Singapore's Minister for Sustainable Development and Environment and Minister in charge of Trade Relations Grace Fu and Vietnam's Minister of Industry and Trade Nguyen Hong Dien.

The MOU is the basis for promoting stable and sustainable development of rice trade, contributing to ensuring bilateral food security by avoiding unnecessary trade restrictions. According to the Memorandum of Understanding, Vietnam will facilitate rice exports to Singapore in an amount of rice agreed upon by both sides, subject to specific conditions, based on Singapore's demand.

Speaking at the signing ceremony, Minister Grace Fu said: “This is the first MOU on rice trade cooperation that Singapore has signed with a partner, and we are pleased that the partner is Vietnam - one of Singapore's largest rice suppliers. As a country that imports more than 90% of its food needs, Singapore is not immune to the impacts of global supply chain disruptions. Establishing global and regional partnerships is essential to ensure a stable rice supply for Singapore."

Also at the signing ceremony, Vietnamese Minister of Industry and Trade Nguyen Hong Dien said: “Singapore is a leading economic partner and an important market of Vietnam. The signing of the Memorandum of Understanding on rice trade cooperation is a concrete step to implement the Comprehensive Strategic Partnership, contributing to strengthening the connection between the two economies, creating a foundation for stable and sustainable cooperation in the field of rice trade in the context of unpredictable fluctuations of the global market.”

Strengthening rice trade cooperation between Vietnam and Singapore is also a concrete demonstration of the coordinated efforts to ensure supply chains and food security in ASEAN. Minister Nguyen Hong Dien expressed his hope that the management agencies of the two sides will continue to coordinate closely to expand the supply of prestigious and quality Vietnamese agricultural and food products to the Singapore market.

Minh Hanh