Signing rice trade agreement with Singapore, expanding opportunities for Vietnamese rice export

Vietnam – Singapore signed a memorandum of understanding on rice trade cooperation

 

On October 30, 2025, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit held in Gyeongju, South Korea, Minister of Industry and Trade Nguyen Hong Dien had a bilateral meeting and working session with Singapore’s Minister of Environment and Sustainable Development and Minister in charge of Trade Relations – Ms. Grace Fu.

During the bilateral meeting, Singaporean Minister for Sustainable Development and Environment and Minister in charge of Trade Relations Grace Fu and Vietnamese Minister of Industry and Trade signed the Memorandum of Understanding (MOC) on rice trade cooperation between the two countries.

 

Minister Nguyen Hong Dien thanked Minister Grace Fu for actively directing relevant agencies to closely coordinate with the Vietnamese Ministry of Industry and Trade to complete negotiations and sign the Memorandum of Understanding on rice trade cooperation between the two governments in a very short time, just over 3 months.

 

Minister Nguyen Hong Dien emphasized that the Memorandum of Understanding is the basis for promoting stable and sustainable development of rice trade, contributing to ensuring bilateral food security, by avoiding the application of unnecessary trade restrictions.

 

According to the Memorandum of Understanding, Vietnam will facilitate rice export activities to Singapore with an amount of rice agreed upon by both sides, with specific conditions, based on the demand from Singapore.

 

Similarly, Minister Grace Fu also said that this is the first MOU on rice trade cooperation that Singapore has signed with a partner and we are very happy that the partner is Vietnam – one of Singapore’s largest rice suppliers.

 

According to Minister Grace Fu, as a country that imports more than 90% of its food needs, Singapore cannot avoid the impacts of global supply chain disruptions. Therefore, establishing global and regional partnerships is essential to ensure a stable rice supply for Singapore.

Singapore is a leading economic partner and an important market of Vietnam. The signing of the Memorandum of Understanding on rice trade cooperation is a concrete step to implement the Comprehensive Strategic Partnership, contributing to strengthening the connection between the two economies, creating a foundation for stable and sustainable cooperation in the field of rice trade in the context of unpredictable fluctuations in the global market.

 

At the same time, contributing to strengthening rice trade cooperation between Vietnam and Singapore is also a concrete demonstration of the coordinated efforts to ensure the supply chain and food security in ASEAN.

 

In order to soon put the Memorandum into practice, Vietnamese Minister of Industry and Trade Nguyen Hong Dien suggested that Vietnam and Singapore should soon designate a focal point for implementation and agree on a specific coordination mechanism between the Department of Foreign Market Development and the Singapore Food Agency (SFA).

 

In addition, build an Action Plan for the period 2025 – 2026, including trade promotion activities, sharing market information and supporting businesses of the two countries. At the same time, the two countries need to maintain a regular annual exchange mechanism to review progress and promptly adjust cooperation contents to suit the actual situation.

 

“I suggest that Singapore continue to facilitate Vietnamese businesses to access the Singapore market, especially the introduction and distribution of high-quality Vietnamese rice and agricultural and aquatic products in supermarket systems, large retail chains and e-commerce channels of Singapore”, Minister Nguyen Hong Dien suggested.

 

Diversifying export partners, enhancing the Vietnamese rice brand

 

Vietnam becomes the first country to sign the “Lion Island” rice trade memorandum, creating a solid foundation for promoting stable and sustainable rice trade.

 

Talking to a reporter from the Industry and Trade Newspaper, Mr. Le Thanh Tung, General Secretary of the Vietnam Rice Industry Association, said that Vietnam is aiming to diversify its rice export markets, especially in the context that some traditional markets such as the Philippines or Indonesia are gradually increasing domestic production.

In fact, market expansion is not new; 5-7 years ago, Vietnamese rice was exported to more than 150 countries. However, the main markets still account for a large proportion, such as the Philippines with about 3 million tons, Indonesia with about 2 million tons, and previously China also imported about 3 million tons. The current diversification strategy focuses on finding and exploiting other potential markets, especially in the African region and countries such as Brazil and Central Asia. Ministries and branches are closely coordinating with embassies and diplomatic agencies to promote exports, ensuring that Vietnamese rice effectively accesses new markets.

 

In that context, signing a rice trade agreement with Singapore is an important step. The Singapore market, although not large in consumption scale, plays a transit role, creating opportunities for Vietnamese rice to access other countries and build a brand in the region. This is a testament to the dynamism and initiative of the Government, the Ministry of Industry and Trade, ministries, branches and the Vietnamese rice industry in adapting and taking advantage of export opportunities in the international market.

 

As of mid-October 2025, Vietnam had exported about 7 million tons of rice, and is expected to reach 8 million tons for the whole year, surpassing Thailand to become the second largest rice exporter in the world, after India. Although the Philippines, a market accounting for 40% of export output, has temporarily closed, Vietnamese enterprises still maintain 500,000 tons/month, expanding strongly to China, Africa and Japan.

 

According to Mr. Do Ha Nam, Chairman of the Vietnam Food Association (VFA), in difficult times, the proactive, creative and responsible spirit of Vietnamese rice enterprises continues to be promoted. The rice industry not only affirms its export capacity in the world’s leading group, but also demonstrates the mettle of Vietnamese agriculture, resilient, flexible, and able to overcome storms to reach out to the world.

 

In addition to the efforts of businesses to find and expand markets, Mr. Do Ha Nam said that the Government’s promotion of negotiations and signing of memoranda of understanding on rice trade with countries with large rice import demand will also contribute significantly to expanding the market for Vietnamese rice, helping to reduce risks when there are adverse fluctuations in traditional markets.

 

Previously, within the framework of the visit and work of National Assembly Chairman Tran Thanh Man in Senegal, on July 23, in Senegal, Deputy Minister Nguyen Sinh Nhat Tan, on behalf of the Minister of Industry and Trade, signed a Memorandum of Understanding on rice trade with the Minister of Industry and Trade of Senegal, opening up the prospect of annual exports of 100,000 tons of rice per year.

 

According to statistics from the Singapore Enterprise Authority, Vietnam is currently the third largest rice supplier to Singapore, after India and Thailand. In the coming time, in the context of the world facing many fluctuations affecting the economy, global food security can be an opportunity for Vietnamese enterprises to boost exports. Vietnamese enterprises need to focus on product promotion activities, improve quality and design, as well as take advantage of Singapore’s role as a transit point to export to other countries.