The Vietnamese government announced its plan to sign a long-term rice trade agreement with Indonesia, following a drastic 97% drop in rice exports to the country in the first half of the year—only 19,000 metric tons were delivered. The agreement was discussed after a bilateral meeting between Vietnamese Prime Minister Pham Minh Chinh and Indonesian President Prabowo Subianto during the BRICS Summit in Brazil.
Vietnam, the world’s third-largest rice exporter, sees this deal as a way to secure sustainable exports while helping Indonesia ensure national food security. The sharp decline in Indonesia’s rice imports from Vietnam is partly attributed to high domestic stock levels. During the meeting, Prime Minister Chinh also committed to directing Vietnam’s trade ministry to collaborate with Indonesian counterparts in further opening both markets for enhanced trade cooperation.
