Hanoi—The Philippines and Vietnam signed various agreements Tuesday related to rice trade cooperation, incident prevention and management in the South China Sea, maritime defense, and other areas in the fields of agriculture and cultural development.
President Ferdinand Marcos, Jr. and Vietnamese President Vo Van Thuong presided over the signing of separate memoranda of understanding (MOU) and exchanging of documents during the two leaders’ bilateral meeting.
Signed agreements consist of MOUs on rice trade cooperation, agriculture and related fields; maritime cooperation between the Philippine and Vietnamese Coast Guards, incident prevention and management in the South China Sea; and a cultural cooperation program for 2024 to 2029.
Addressing concerns related to the South China Sea, both nations have agreed to enhance coordination on maritime issues bilaterally, within the ASEAN framework, and with other dialogue partners.
The focus is on promoting trust, confidence, and understanding through dialogue and cooperative activities aimed at preventing and managing incidents in the region.
Simultaneously, the MOU on maritime cooperation seeks to bolster understanding, mutual trust, and confidence through the establishment of a Joint Coast Guard Committee.
The committee will facilitate discussions on common issues and interests between the Philippine Coast Guard (PCG) and the Vietnamese Coast Guard (VCG). Additionally, a hotline communication mechanism will be set up between the PCG and VCG.
The MOU on Rice Trade Cooperation establishes a comprehensive framework for collaboration between the Philippines and Vietnam. This is to ensure sustainable food supply amid challenges such as climate change, pandemics, and other external events impacting both nations.
Within the MOU, Vietnam has committed to a five-year trade agreement, wherein its private sector will supply the Philippine private sector with white rice ranging from 1.5 million to 2 million metric tons (MT) annually, ensuring a competitive and affordable pricing structure.
Beyond the scope of rice trade, the agreement outlines provisions for the exchange of information on policies, plans, regulations, and other activities related to rice trade between the two countries.
The MOU on agriculture cooperation signifies a deepening collaboration between the Philippines and Vietnam in the fields of agriculture, rural development, and related sectors.
Nineteen areas of cooperation have been identified, encompassing high-value crops, livestock, aquaculture, farm management, sustainability, smart agriculture, and aquaculture technology, as well as research training and exchanges of experts.
Under the Cultural Cooperation Program, the Philippines and Vietnam will expand cultural exchanges to strengthen friendly relations, aligning with the Cultural Agreement signed between the two nations in 1998.