‘Securing global and regional partnerships is essential for ensuring a stable supply of rice for Singapore,’ says Minister Grace Fu
[SINGAPORE] Singapore and Vietnam on Thursday (Oct 30) signed a memorandum of cooperation (MOC) on rice trade at the Apec Economic Leaders’ Week in Gyeongju, South Korea.
Under the MOC, Vietnam will support the “unimpeded export of a mutually agreed quantity of rice” to Singapore on agreed terms, upon Singapore’s request.
In a joint statement, Singapore’s Ministry of Sustainability and the Environment and Vietnam’s Ministry of Industry and Trade said the MOC “lays a solid foundation for promoting stable and sustainable rice trade, contributing to strengthening bilateral food security, including through avoiding unnecessary trade restrictions”.
The MOC was signed by Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu, and Vietnam’s Minister of Industry and Trade Nguyen Hong Dien.
This marks Singapore’s first MOC on rice trade signed with a trading partner.
Figures from the World Bank’s World Integrated Trade Solution showed that Singapore imported about US$94.2 million worth of rice from Vietnam in 2024, up from about US$73.4 million in 2023. That was out of nearly US$322 million worth of rice imported overall in 2024.
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“As a country that imports over 90 per cent of our food, Singapore is not spared from global food supply disruptions,” said Fu. “Securing global and regional partnerships is essential for ensuring a stable supply of rice for Singapore.”
Dien said the MOC’s signing “marks a concrete step in implementing the Comprehensive Strategic Partnership” (CSP) between the two nations. Singapore and Vietnam upgraded their bilateral relations to the highest tier of CSP in March.
“Enhancing rice trade cooperation between Vietnam and Singapore is also a tangible demonstration of our joint efforts to ensure supply chain resilience and food security within Asean,” Dien added.
India was Singapore’s largest rice supplier in 2024 by both weight and value. Singapore imported 157.6 million kg of rice from India last year, with an import value of nearly US$110.5 million.
After Vietnam, Thailand ranked third, with 100.1 million kg of rice worth about US$93.6 million.
The three countries accounted for almost 94 per cent of Singapore’s total rice imports by weight.
