Singapore and Vietnam signed an agreement on Thursday, October 30, that commits Vietnam to facilitating the free export of a predetermined amount of rice to Singapore on predetermined terms upon the government's request.
During the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Week, a rice trade memorandum of cooperation was signed.
The relevant ministries of the two nations stated in a joint press release that the memorandum of cooperation establishes a "solid foundation" for fostering a stable and sustainable rice trade.
By avoiding needless trade restrictions, this will contribute to the strengthening of bilateral food security.
Vietnam's Minister of Industry and Trade, Nguyen Hong Dien, and Grace Fu, Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, signed the deal.
"This is Singapore's first memorandum of cooperation on rice trade signed with a trading partner, and we are happy to do so with Vietnam, which is one of Singapore's largest source countries for rice," said Fu.
For the unversed, about 30 countries supply rice to Singapore.
She pointed out that since Singapore imports the great majority of its food, it is not immune to disruptions in the world's food supply.
"Securing global and regional partnerships is essential for ensuring a stable supply of rice for Singapore," she added.
According to Dien, the deal improves Singapore-Vietnam connectivity and lays the groundwork for a steady partnership in the face of "unpredictable developments of the global market."
Improving rice trade cooperation, he said, is a concrete example of cooperative efforts to guarantee food security and supply chain resilience within ASEAN.
He said, "In the time ahead, we hope that the competent authorities of both sides will continue to work closely together to further expand the supply of prestigious, high-quality Vietnamese agricultural and food products to the Singaporean market."
Dien went on to say that the deal is a tangible step toward Singapore and Vietnam's Comprehensive Strategic Partnership (CSP) being implemented.
In March 2025, the two nations' relations were promoted to a CSP.
