President Rodrigo Duterte has decided to lower the most favored nation (MFN) tariff on rice imports to 35%, opening up opportunities for Vietnam, one of the major exporters of rice to the Philippines, to stabilize its rice supply for this country.
According to Vietnam’s Ministry of Industry and Trade (MoIT), this move will help the country stabilize the domestic market amid the serious development of the Covid-19 pandemic.
Farmers harvest rice in the Mekong Delta. Photo: Kinhtedothi |
Exporters must seriously learn Philippine regulations on rice imports and comply with them. In particular, businesses need to have a plan to prevent risks, develop a transaction plan, and honor contracts, the MoIT requested.
The MoIT has suggested that companies should strengthen cooperation with large farmers in crucial rice growing areas to minimize costs, improve competitiveness against the world's leading rice producers, including India and China.
It has also emphasized the enhancement of rice quality to ensure the prestige of Vietnamese products.
The Philippines is one of the most important Vietnam’s rice buyer. In the first four months of 2021, Vietnam's rice exports to the Philippines reached more than 715 thousand tons, worth more than US$380 million, accounting for 36.27% of the total rice export of the country, according to the General Department of Vietnam Customs.
Other News
- OCOP and agricultural products promotion week underway in Hanoi suburb
- Vietnamese Gen Z's green mission
- Hanoi's flower villages are in full Tet preparation mode
- Bringing traditional So Village glass noodles to global marketplace
- Exhibition on OCOP goods in Hanoi's outlying district
- Effective development of urban agriculture on Hanoi's outskirts
- Hanoi's safe vegetable models benefit locals
- Introducing high-quality crop varieties: Hanoi's commitment to sustainability
- Hanoi hosts series of events to support sales of OCOP products
- Hanoi Agricultural Products and Handicrafts Village Festival generates US$1.2 million in sales
Trending
-
Hanoi holds grand ceremony for 80th anniversary of Vietnam People's Army
-
Vietnam news in brief - December 22
-
Hanoi holds requiem for martyrs and victims of 1972 B-52 bombing massacre
-
Vietnam Defense Expo 2024 secures $286.3 million in deals
-
Memories and Faith" features war memorabilia
-
Smart solutions - Key for Hanoi tourism in 2025
-
HABECO – The spirit of Vietnam rising
-
Bia Ha Noi brings you golden luck in Lunar New Year
-
Quintessence of Tonkin: Modern approach to experiencing Vietnamese culture