Vietnam and the Philippines will soon sign a cooperation agreement on rice trade as a means to ensure food security amid recent developments in global food supply chains, Vietnamese Prime Minister Pham Minh Chinh and Philippine President Ferdinand Romualdez Marcos, Jr. announced on Wednesday.

The two leaders reached consensus at a meeting held on the sidelines of the ongoing 43rd ASEAN Summit in Jakarta, Indonesia.

Accordingly, the two countries will soon conclude an inter-government agreement on rice trade so that Vietnam’s rice exports to the Philippines can play a part in ensuring food security in the Philippines, ABS-CBN News cited PM Chinh.

“We look forward to having a stable framework of cooperation on rice trade for a period of at least five years,” he told the Philippine leader.

Such an agreement will help Vietnam ensure its rice production while facilitating the Philippines’ import from Vietnam, Chinh commented.  

Marcos Jr., who also heads the Philippines’ Department of Agriculture, noted that food supply is the 'main issue' in the Philippines, and that “in Asia, the food supply is very much determined by rice and price.”

The Philippine president told Chinh that he was hoping that negotiations on the proposed rice trade would be a success, Manila Bulletin reported.

“We are anxious and hope to continue very fruitful arrangements,” he added.

The talks of a rice deal between the two countries have been ongoing since August, when Philippine Agriculture Senior Undersecretary Domingo Panganiban announced that up to 500,000 metric tons of additional rice might be bought by the Philippines from Vietnam at discounted prices, according to Inquirer.

The Philippines is Vietnam’s largest rice importer.

Vietnam was the world’s third-largest rice exporter last year after India and Thailand.

The two leaders also agreed to promote bilateral cooperation in agriculture, aquaculture, petroleum and gas, digital economy, circular and green economies, and several other areas.

In addition, during their discussion on promoting close cooperation and coordination on maritime issues, President Marcos Jr. affirmed that his country will continue to treat detained Vietnamese fishermen humanely in the spirit of friendship and strategic partnership.

He added he will support Vietnam’s efforts to remove the ‘yellow card’ warning imposed by the European Commission over illegal, unreported, and unregulated (IUU) fishing activities.

Vietnam and the Philippines established diplomatic relations in July 1976 and the two nations entered a strategic partnership in November 2015.

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