Vietnam to sign inter-government rice pact with Philippines

Vietnam will soon sign an inter-government agreement on the rice trade with the Philippines to help the countries ensure food security, its government said in a statement on Thursday.

The announcement followed a meeting between Vietnamese Prime Minister Pham Minh Chinh and Philippine President Ferdinand Marcos Jr on the sidelines of an Asean summit in Indonesia.

It did not provide further details about the planned agreement.

Vietnam was the world's third-largest rice exporter last year after India and Thailand, and the Philippines is its largest buyer.

India, which accounts for more than 40% of the global rice trade, in July ordered a halt to its largest export category to calm domestic prices, sending global prices to 15-year high and stoking concern over already high global food inflation.