Vietnam food association urges trade ministry to challenge Philippine rice import suspension
The Philippines, Vietnam's biggest rice buyer, said last week that it would suspend rice imports for 60 days starting from Sep 1 in an effort to protect local farmers impacted by falling prices during the harvest season.
"The Philippines is Vietnam's largest rice export market and the suspension would have significant impacts on rice production in Vietnam," said one of the sources, a trader with knowledge of the matter.
The association and the Ministry of Industry and Trade didn't immediately respond to Reuters' requests for comments.
Vietnam exported 2.44 million metric tons of rice to the Philippines in the first seven months of this year, accounting for 44.3 per cent of its total rice shipments over the period, according to official customs data.
Last year, the Philippine market accounted for 46.7 per cent of Vietnam's total rice exports, with shipments in September and October higher than the monthly average.
Vietnam, early this year, signed a memorandum of understanding on rice trade with the Philippines, where rice production is often prone to flooding and typhoon risks.
"They are suspending rice imports this year to protect their farmers ahead of an expected bumper harvest," said a second trader based in Ho Chi Minh City.
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