Viet Nam becomes first nation signing MoU on rice trade with Singapore

An article released by Channel News Asia noted that according to the agreement, Viet Nam will support the unimpeded export of a mutually agreed quantity of rice to Singapore on agreed terms when requested by the government.

In a joint press release, the relevant ministries from the two countries said the memorandum of cooperation lays a "solid foundation" for promoting stable and sustainable rice trade.

This will help to strengthen bilateral food security by avoiding unnecessary trade restrictions.

The agreement was signed by Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu, and Viet Nam's Minister of Industry and Trade Nguyen Hong Dien.

"This is Singapore's first memorandum of cooperation on rice trade signed with a trading partner, and we are happy to do so with Viet Nam, which is one of Singapore's largest source countries for rice," said Fu.

Nguyen, for his part, said the agreement strengthens the connectivity between the two nations, and sets the stage for stable collaboration amid "unpredictable developments of the global market".

He said enhancing rice trade cooperation is a tangible demonstration of joint efforts to ensure supply chain resilience and food security within ASEAN.

"In the time ahead, we hope that the competent authorities of both sides will continue to work closely together to further expand the supply of prestigious, high-quality Vietnamese agricultural and food products to the Singaporean market," he said.

He added that the agreement marks a concrete step in implementing the Comprehensive Strategic Partnership between the two nations, which was elevated in March this year./.