MoU on rice trading between VN, Bangladesh extended

A Memorandum of Understanding (MoU) on rice trading between Viet Nam and Bangladesh was renewed by Minister of Industry and Trade Tran Tuan Anh and Minister of Food Advocate Qamrul Islam on May 23 in Ha Noi.

The MoU, which allows Viet Nam to sell up to 1 million tons of rice to Bangladesh each year, will last till 2022.

Right after signing the deal, Bangladesh announced to purchase 250,000-300,000 tons of broken rice immediately and a total of 500,000 tons by the end of 2017.

Speaking at the signing ceremony, Minister Tran Tuan Anh said the MoU is a crucial landmark in the two nations' relationship, which helps promote their economic and trade relations.

In addition, it will maintain the long-term and sustainable legal framework in rice trading between the two nations. Viet Nam will ensure food security for Bangladesh.

The MoU was signed for the first time on April 18, 2011 in Ha Noi and expired on December 31, 2013. On January 2, 2014, the two sides re-signed the deal that was valid until December 31, 2016.

In 2011 and 2012, Viet Nam shipped over 300,000 tons of rice to Bangladesh. As Bangladesh was then able to produce enough rice, it ceased the import of Vietnamese rice.

Source: Online Newspaper of the Government of the Socialist Republic of Vietnam