Vietnam signs rice trade deal with Mongolia
VOV.VN - Vietnam and Mongolia on November 1 signed a memorandum of understanding on sustainable rice trade to formulate a comprehensive cooperation mechanism to ensure food supply and stabilize the rice market in both countries.
The document was signed in Hanoi by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Mongolian Minister of Food, Agriculture and Light Industries Khayangaa Bolorchuluun, in the presence of the two countries’ presidents.
The signed document has created an important basis for the two sides to facilitate rice trade activities and find solutions to remove difficulties for businesses in the process of trading, importing and exporting rice.
Under the deal, the Mongolian Ministry of Food, Agriculture and Light Industries will annually review and suggest the country’s rice import needs in the following year. The Vietnamese Ministry of Industry and Trade will then support connections with the private sector to export rice tailored to Mongolia’s needs.
The two sides will also regularly organize exchange and trade connection programmes between their rice export and import businesses to implement the signed document in general and to promote rice trade exchanges between their businesses in particular.
Vietnam is currently Mongolia’s 11th largest trade partner, with two-way trade turnover last year hitting US$85.4 million, up 6.5% year on year.
