Vietnam, Singapore sign MoC on rice trade

Hanoi, October 31 (VNA) - Vietnam and Singapore signed a Memorandum of Cooperation (MOC) on rice trade at the APEC Economic Leaders’ Week in Gyeongju, the Republic of Korea on October 30, a new step to promote economic collaboration and ensure regional food security.

The MOC was signed by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Singaporean Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu.

It lays a solid foundation for promoting stable and sustainable rice trade, contributing to strengthening bilateral food security, including avoiding unnecessary trade restriction. Vietnam will support the unimpeded export of a mutually agreed quantity of rice to Singapore on agreed terms, upon Singapore’s request.

At the signing ceremony, Dien affirmed that Singapore is one of Vietnam’s leading economic partners and key markets, describing the MOC as a concrete step in implementing the Vietnam–Singapore Comprehensive Strategic Partnership, laying the foundation for stable, long-term cooperation in rice trade amidst global food market fluctuations.

Enhanced Vietnam–Singapore rice trade reflects the two countries’ joint commitment to safeguarding supply chains and food security within ASEAN, he said, expressing confidence in closer coordination between the two countries to expand the supply of high-quality Vietnamese food to the city state.

Meanwhile, Fu said this is Singapore’s first MOC on rice trade with a trading partner. Singapore, importing over 90% of its food, values establishing partnerships to ensure stable rice supply and national food security./.