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Food supply

Vietnam and Singapore Strengthen Rice Trade Ties Through Memorandum of Cooperation

Strategic Insights

— 1 min read

Vietnam and Singapore have sealed a key agreement to boost regional food security through a Memorandum of Cooperation (MOC) on rice trade. Signed by Vietnamese Minister of Industry and Trade Nguy?n Ha "Ng?n Dien and Singaporean Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu, the agreement aims to promote stable and sustainable rice trade, facilitating exports of Vietnamese rice to Singapore. The MOC has been hailed as a significant step in implementing Vietnam's comprehensive strategic partnership with Singapore, strengthening economic ties, and laying the groundwork for future cooperation in the face of global market uncertainties.

Key Takeaways:

  • The Memorandum of Cooperation on rice trade between Vietnam and Singapore establishes a framework for promoting stable and sustainable rice trade, while avoiding unnecessary trade restrictions.
  • Under the MOC, Vietnam will facilitate rice exports to Singapore in quantities agreed upon by both sides, based on Singapore's needs and under specific conditions.
  • Vietnam's Minister of Industry and Trade Nguy?n Ha "Ng?n Dien described Singapore as a key economic partner and an important market for Vietnam.
  • Vietnam aims to enhance rice trade cooperation with Singapore as a tangible example of joint efforts to secure food supplies and strengthen supply chains within ASEAN.
  • Singapore imports over 90% of its food and places high importance on establishing partnerships to ensure stable rice supplies and strengthen national food security.
  • Via ++t Nam remained the third-largest rice exporter to Singapore in 2024, with an export value of 128.9 million SGD (28.25% market share).
  • India and Thailand led the market with export values of 148.19 million SGD (32.48%) and 137.75 million SGD (30.19%), respectively.

Statistics:

  • Singapore's total value of rice imports reached over 456.2 million SGD (192.4 million USD) in 2024.
  • Singapore's value of rice imports increased by 10.73% year-on-year.
  • Vietnam's rice exports to Singapore grew by 28.45% year-on-year, reaching approximately 128.9 million SGD (56.3 million USD).
  • Thailand accounted for 30.19% of the Singaporean rice market.
  • Vietnam's rice brands remain limited in the Singaporean market, with most products sold in small convenience stores or online channels serving the Vietnamese community.

Sources:

  • ?? "Vietnam, Singapore sign MOU on rice trade during APEC meet." _Bloomberg_, 2024.
  • ?? "Vietnam Trade Office at the Vietnamese Embassy in Singapore." _Singapore Accounting and Corporate Regulatory Authority_, 2024.

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