THE Department of Agriculture (DA) on Tuesday said it was working to fulfill a commitment by President Ferdinand Marcos Jr. and Vietnamese President Tô Lâm to expand bilateral trade and reduce a trade deficit that favors Vietnam.
Tô Lâm arrived in Manila on Sunday for a two-day state visit.
“One of the major issues is that when prices go up, the Vietnamese side rescinds the contract,” Agriculture Secretary Francisco Tiu Laurel Jr. said about a recurring concern on agricultural trade agreements, particularly on rice.
Vietnam is the Philippines’ top importer of rice.
The enforcement of contracts has prompted domestic industry stakeholders and government agencies to negotiate with Vietnam using a more coordinated approach, Tiu Laurel said, noting that the issue will be raised as the Philippines and Vietnam seek to make trade agreements more efficient and reliable.
Vietnamese Industry and Trade Minister Le Manh Hung has acknowledged the concern and said it would be referred to Vietnam’s Ministry of Agriculture and Environment.
The Philippines and Vietnam called for the urgent reinforcement of bilateral technical mechanisms for the Joint Trade Committee and Joint Committee on Agriculture this year to strengthen economic ties and food security cooperation.
The two countries are coordinating ahead of a European Union audit in September to streamline trade flows and ensure compliance with international standards, Tiu Laurel said.
The DA assured the public that the Philippine government is continuously looking for ways to boost the country’s exports to Vietnam.
