Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Hanoi (VNA)ꦜ – Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
The Rice Import Licensing Authority of the Philippine Department of Agriculture reported that the country imported a total of 3.68 million tonnes of rice as of the late October, significantly higher than the same period last year and already surpassing the total rice imports for the entire year of 2023, as estimated by the authority.
Given this growth trajectory, it is projected that the Philippines' total rice imports for 2024 will exceed 4 million tonnes, potentially reaching up to 4.5 million tonnes.
To secure the sustainability of Vietnam's rice exports to the Philippines, the Vietnam Trade Office advised domestic exporters to prioritise stable rice quality while continually improving their products. This strategic focus will not only boost export value but also mitigate price competition among companies./.
Agriculture ministers of Vietnam and the Philippines have agreed to establish a rice industry alliance between the two countries and upgrade the trade relationship to an investment partnership in the rice industry.
Vietnam remained the biggest rice provider of the Philippines in the first five months of this year with turnover of 772.4 USD million, surging 31.1% year-on-year.
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