Business

Opportunities for Vietnam to maintain stable rice export to Philippines

The Philippines’s lowering tariffs on imported rice would open up opportunities for Vietnam to maintain stable supply of the product for the country and helping it stabilise the domestic market, the Vietnamese Ministry of Industry and Trade said.
Opportunities for Vietnam to maintain stable rice export to Philippines ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – The Philippines’s lowering tariffson imported rice would open up opportunities for Vietnam to maintain stable supply of the product for the country and helping it stabilise the domestic market, the Vietnamese Ministry of Industry and Trade said.

However, given the fierce price competition withtraditional rice exporters like Thailand and India, the ministry urged domesticfirms to foster cooperation and connectivity with cooperatives and major farminghouseholds to minimise intermediate stages, thus cutting costs and enhancing competitiveness.

At the same time, exporters should study and observerelevant regulations set by the Philippines, including those on customs declaration,the ministry said, noting that they should negotiate and sign contracts withonly businesses that have been granted with the Sanitary Phytosanitary ImportClearance (SPS-IC) by the Philippine Department of Agriculture.

They also need to keep updated on the market, as the tariff cut under the Philippine President's order can be changed anytime, and draw up plans to prevent businessrisks, while stepping up inspections and supervisions over rice quality toabsolutely ensure the prestige of Vietnamese rice, the ministry suggested.

Earlier, in an executive order, Philippines PresidentRodrigo Duterte cut the Most Favoured Nation (MFN) tariff rates on rice to 35percent from 40 percent for in-quota purchases and 50 percent for out-quota volumefor one year.

According to the General Department of VietnamCustoms, in the first four months of this year, Vietnam shipped over 715,000tonnes of rice valued at some 380 million USD to the Philippines, accountingfor 36.27 percent of the total exported rice./.
VNA
#Ministry of Industry and Trade #farming households #Sanitary Phytosanitary Import Clearance (SPS-IC) #Vietnamese rice #Vietnam #Vietnam news #Vietnam News Agency
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