Singapore and Vietnam sign memorandum of cooperation on rice trade

The MOC serves as a framework to promote stable and sustainable development of rice trade, contributing to ensuring bilateral food security by avoiding the application of unnecessary trade-restrictive measures. Under the MOC, Vietnam will facilitate the export of a mutually agreed volume of rice to Singapore, based on specific arrangements and Singapore’s demand.

Speaking at the signing ceremony, Minister Grace Fu said: “This is Singapore’s first Memorandum of Cooperation on rice trade with a partner country, and we are delighted that the partner is Vietnam, one of Singapore’s largest rice suppliers. As a nation that imports over 90 percent of its food supply, Singapore is not immune to disruptions in global supply chains. Building global and regional partnerships is essential to ensuring a stable rice supply for Singapore”.

At the same event, Minister of Industry and Trade of Vietnam Nguyen Hong Dien stated: “Singapore is a leading economic partner and an important market for Vietnam. The signing of this Memorandum of Cooperation on rice trade marks a concrete step in implementing the Comprehensive Strategic Partnership between our two countries. It contributes to strengthening the linkage between the two economies and lays a foundation for stable and sustainable cooperation in rice trade amid the unpredictable fluctuations of the global market.

Enhanced rice trade cooperation between Vietnam and Singapore also stands as a tangible demonstration of our joint efforts to safeguard supply chains and food security within ASEAN. In the time ahead, we hope that the relevant authorities of both sides will continue to work closely to further expand the supply of Vietnam’s reputable and high-quality agricultural and food products to the Singaporean market”.