shanti-Agro-AdVietnamese Minister of Industry and Trade (MoIT) Trần Tuấn Anh and Bangladeshi Minister of Food Advocate Qamrul Islam signed a memorandum of understanding (MoU) on the extension of rice trading in Hà Nội on Tuesday. Under the MoU Vietnam will sell up to 1 million tonnes of rice to Bangladesh each year to 2022. The memorandum came as part of Bangladeshi minister’s May 22-25 visit at Anh’s invitation. Việt Nam Southern Food Corporation will implement the export contracts.

The MoU on rice trading between the two countries was signed for the first time on April 18th 2011 and had been extended once in 2014 till the end of 2016. Bangladesh is an important rice market with the population of more than 170 million people with high rice consumption. It is facing a rice shortage due to natural disasters and crop failures and wants to buy around 250,000 to 300,000 tonnes of Vietnam’s 5-percent white rice immediately with plans to increase rice imports from Vietnam to 500,000 tonnes by end-2017, the trade ministry said in a statement.

Việt Nam has always valued its traditional and friendly co-operation with Bangladesh very highly, however the trade exchange between the two countries has not reached its potential, said Anh while speaking at the signing ceremony. In the context of the difficult consumption market, the MoIT has promoted activities to search for export markets of local products, especially agricultural products. The ministry has sought the signing of a MoU to facilitate exported products.