The rice trade between Vietnam and the Philippines is forecast to remain steady in the near future, according to the Vietnam Trade Office in the Philippines. Handling rice exports at Sai Gon port (Photo: VNA) Hanoi (VNA) – The rice trade between Vietnam and the Philippines is forecast to remain steady in the near future, according to the Vietnam Trade Office in the Philippines. While the Philippine Government is revamping its National Food Authority (NFA) and considering revisions to rice import regulations, these changes are unlikely to have a remarkable immediate impact on Vietnamese exports, the office said.
The NFA restructuring is underway, aiming to equip the agency with the tools to directly intervene in the rice market and stabilise prices. Additionally, lawmakers are contemplating amendments to Republic Act No. 11203 which liberalised rice trade in the Philippines.
These moves stem from rising rice prices in the Southeast Asian nation, which have significantly contributed to inflation. The Government’s previous measures, including price ceilings, proved ineffective in curbing the price surge. The Vietnam Trade Office emphasised that the NFA’s market intervention efforts primarily target lower-quality rice consumed by low-income Philippine, and therefore wouldn’t disrupt the premium rice market where Vietnamese exporters hold a strong position.
Statistics underscored Vietnam’s dominance in the Philippine rice market. In the first five months of this year, Vi.