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.
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