Vietnam plans to export 3 million tons of rice to the Philippines

3 million tons is the maximum rice output that Vietnam can export to the Philippine market, according to the trade agreement between the two countries that has just been extended until the end of 2018.

According to information from the Ministry of Industry and Trade, Vietnam has just reached an agreement to extend government-level rice exports to the Philippines market for another 2 years, until December 31, 2018.

Currently, only three countries, Cambodia, Thailand and Vietnam, are allowed to export rice to the Philippines, as this country mainly imports through Government bidding (GG). Therefore,The Ministry of Industry and Trade assessed that in the context of Vietnamese rice being under pressure on price and quality from traditional competitors (Thailand, India) and emerging competitors (Pakistan, Cambodia and Myanmar), extending rice exports to the Philippines will help Vietnam consolidate its position on the world rice trade map.

Vietnam plans to export 3 million tons of rice to the Philippines market in the next 2 years.

According to this agreement, the two main hubs for exporting Vietnamese rice to the Philippine market are stillNorthern Food Corporation and Southern Food Corporation. The first rice export bidding will take place in January 2017.

During the period 2011-2015, the Philippines has always been an important rice export market of Vietnam.with a quantity of 500,000-1,500,000 tons, depending on the production and storage situation of this market; equivalent to 17-20% of Vietnam's total rice export turnover.

According to VNE