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Vietnam to extend rice trade deal with Philippines

The Government has issued a resolution, approving the extension of its rice trade agreement with the Philippine Government.
Vietnam to extend rice trade deal with Philippines ảnh 1Rice are stacked up at a warehouse (Photo: VNA)

Hanoi (VNA) – The Government has issued aresolution, approving the extension of its rice trade agreement with thePhilippine Government.

Under the resolution, Vietnam will continue tosupply rice for the Philippines through the exchange of notes and approval ofexchange notes.

The Government tasks the Foreign Ministry, in coordinationwith the Ministry of Industry and Trade, with finalising and sending exchangenotes to the Philippines to extend the agreement and carry out relevantprocedures.

The 2010 rice trading agreement is due to lapseon December 31, 2016 and expected to be extended for the 2017-2020 period.

The Philippines is among the biggest importersof rice from Vietnam. However, the rice shipments to the Philippines haveexperienced a downturn recently.

The Vietnam Food Association said domesticbusinesses have a chance to boost rice exports as the Philippines plans toimport 293,100 tonnes of rice from Vietnam to meet food demand during the 2017between-crop period.

Last August, Vietnam also won a bidding toprovide 150,000 tonnes of rice for the Philippines.

Vietnam-Philippines bilateral trade topped 2.92 billion USDin 2015. It increased by 15.3 percent year on year to 1.52 billion USD in thefirst half of 2016, including 1.08 billion USD of Vietnam’s exports, up 17.5percent.-VNA
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