Rice loaded for exports. — Photo vietq.vn

Viet Nam will continue to supply up to 1.5 million tonnes of rice per year to the Philippines following the extension of the rice trade agreement between the two countries.

The agreement has been extended to December 31, 2018, according to the Ministry of Industry and Trade. It is a solid legal foundation that will allow Viet Nam to maintain its share in the Philippines rice market as the product is mostly imported to the country via governmental auctions.

The extension of the deal will help stabilise Viet Nam’s rice export market. The country has been competing with both traditional rice exporters, such as Thailand and India, and emerging ones, such as Pakistan, Cambodia and Myanmar.

The Philippines is a key rice importer of Viet Nam, buying 500,000-1,500,000 tonnes of rice from Viet Nam every year and accounting for 17-20 percent of the country’s total overseas rice shipments during 2011-2015. — VNS