Vietnamese Ministry of Industry and Trade and Mongolian Ministry of Food, Agriculture and Light Industry signed a memorandum of understanding on sustainable rice trading in Hà Nội on Wednesday. — VNA/VNS Photo

HÀ NỘI — Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên and Mongolian Minister of Food, Agriculture and Light Industry Khayangaa Bolorchuluun signed a memorandum of understanding on sustainable rice trading in Hà Nội on Wednesday, in the presence of President Võ Văn Thưởng and his Mongolian counterpart Ukhnaagiin Khurelsukh.

The signing took place within the framework of the Việt Nam visit by President Khurelsukh and his spouse, said the Vietnamese Ministry of Industry and Trade (MoIT), noting the MoU is set to establish a comprehensive cooperation mechanism to ensure food supply and stabilise the rice market in both countries.

The document is significant to implementing tasks set out by the Prime Minister to promote and diversify Việt Nam's rice export markets, while contributing to consolidating and promoting the bilateral trade relations, the ministry added.

Under the MoU, the Mongolian ministry will estimate the country’s rice import demand for the following year. On that basis, the MoIT will support connections with the private sector to export rice according to Mongolia's needs.

The two sides will regularly organise exchange programmes and trade connections between rice importers and exporters to implement the MoU in general as well as promote rice trade exchange between the two countries' businesses in particular.

Statistics show that Mongolia is an early economic and trade partner of Việt Nam in Asia and around the world, with their first trade agreement signed in 1958.

Việt Nam is currently Mongolia's 11th largest trade partner, with two-way trade growing 6.5 per cent to US$85.4 million last year. — VNS