The Philippines is looking to boost its cooperation on rice with Vietnam in order to ensure food security for its growing population. This was expressed by Philippine Agriculture Secretary Francisco Tiu Laurel during his recent visit to Vietnam’s Mekong Delta province of An Giang, a key rice-producing region.
Vietnam is the world’s third-largest exporter of rice, and the Philippines has been its largest buyer in recent years, with Vietnamese rice exports to the Philippines accounting for 45.4% of its total rice shipments in the first five months of 2023.
Laurel acknowledged that the Philippines’ population is growing by 1.5% annually, driving up demand for rice, while domestic supplies have not been able to keep up. As a result, the country has had to increase its rice imports.
During his meeting with Vietnamese authorities, Laurel expressed the Philippines’ desire for Vietnamese rice companies to consider investing in the Philippines as well. This aligns with the agreements on rice trade and agricultural cooperation that the two countries sealed during President Ferdinand Marcos Jr.’s state visit to Hanoi in January.
To manage inflation pressures, the Philippines has recently lowered its tariff on rice from 35% to 15%.
The push for stronger rice cooperation between the Philippines and Vietnam underscores the former’s efforts to ensure food security for its growing population by leveraging the rice production capabilities of its Southeast Asian neighbor.