Vietnam, Thailand vie for larger rice market share in Philippines
Rice exporters of Vietnam and Thailand are competing to gain a larger market share in the Philippines, reported Nikkei Asia.
Workers package rice for export at Thoai Son Food Co.Ltd, a member of Loc Troi Group Joint Stock Company. Photo courtesy of Vietnam News Agency.
According to the recent article, one of the reasons is that the Philippines is stepping up rice imports from neighbouring countries due to a decline in domestic supply. The Southeast Asia nation has also cut rice import tariff to stabilize rice prices in the domestic market.
The article cited data from the US Department of Agriculture showing the Philippines - the world's largest rice importer - is forecast to ship in up to 4.1 million tonnes of the grain this year, up from 3.2 million tonnes in 2023.
During a working visit to Vietnam in July, Secretary of the Philippine Department of Agriculture Francisco Tiu Laurel said Manila wants to promote cooperation with Vietnam in rice production to ensure food security. In recent years, the Philippines has remained the leading importer of Vietnamese rice.
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