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Last updated: Monday, June 26, 2017

 

Bangladesh- Big Rice Importer of Vietnam

Posted: Monday, June 05, 2017


Recently, in Hanoi, under the authority of the two Governments, Vietnamese Minister of Industry and Trade Tran Tuan Anh and Bangladesh Minister of Food Advocate Qamrul Islam officially signed the Memorandum of Understanding (MOU) on rice trading between Vietnam and Bangladesh.

Bangladesh's agreement to sign the extension of the MOU on rice trade at the governmental level to continue buying rice from Vietnam, as well as sending the Minister of Food to Vietnam to sign the MOU, has shown respect for the relationship with Vietnam. Bangladesh has highly appreciated the quality, price and prestige of Vietnamese rice enterprises. Therefore, Bangladesh has decided to choose Vietnam as the rice supplier for Bangladesh in the long run.

MOU on rice trading at the Governmental level between Vietnam and Bangladesh was first signed on 18 April 2011 in Hanoi and expired on December 31st 2013. Then, on January 2nd 2014, the two sides renewed to extend the MOU mentioned above until December 31st 2016. Accordingly, in 2011 and 2012, Vietnam exported more than 300,000 tonnes of rice to Bangladesh. In the following years, Bangladesh could supply for themselves so they did not buy rice from Vietnam. However, over the past two years, Bangladesh has been constantly facing many natural disasters, crop failures, resulting in shortages of rice to provide enough for the people in the country.

The new MOU to be renewed will take effect five years from the date of signing, from 2017 to 2022. Accordingly, Vietnam will provide Bangladesh rice depending on demand and world market prices. The amount of rice of all kinds will be up to 1 million tonnes; the two sides have also appointed their focal points to negotiate, sign and execute contracts.

Immediately after the signing of this MOU, the Bangladeshi side announced that Bangladesh would buy 250,000-300,000 tonnes of 5 percent broken white rice from Vietnam. Bangladesh also said they had the desire to buy a total of about 500,000 tonnes of rice from Vietnam from now until the end of 2017.

The signing of the MOU on rice trade at the Governmental level is an important milestone in the good tradition between Vietnam and Bangladesh, which will further strengthen and promote trade ties between the two countries. In addition, signing this MOU will continue to maintain a stable legal framework for long-term rice trade between the two countries. Thereby, Vietnam will ensure food security for Bangladesh in the context of difficulty.

Minister of Industry and Trade Tran Tuan Anh affirmed that Vietnam attaches importance to the friendship and traditional cooperation with Bangladesh. Economic, trade and industrial cooperation between the two countries have been taking positive steps recently. In 2016, two-way trade turnover reached US$608 million, up 3.1 percent over 2015.

Bangladesh Minister of Food Advocate Md Qamrul Islam said that the Government of Bangladesh always wishes to intensify cooperation and information exchange with the Ministry of Industry and Trade and relevant ministries and branches of the Vietnamese side to further promote the cooperation in specialised fields.

Bangladesh is a market with a large population of over 170 million, with high consumption but low food supply, often facing the loss of crops and natural disasters. In the context of rice production of Vietnam still facing many difficulties in finding outputs for products, the signing of the MOU between the two governments over a period of five years will help the rice industry of Vietnam solve the problem of output, helping farmers to continue their work.

Huong Ly








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