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August 23, 2017

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Vietnam approves ASEAN+3 emergency rice reserve accord

Vietnam Deputy Prime Minister Vu Van Ninh approved the ASEAN+3 Emergency Rice Reserve (APTERR) agreement yesterday, which the Ministry of Agriculture and Rural Development will implement.

Under the APTERR agreement, country members agreed to provide 787,000 tons of rice to enhance the quick response capacity of ASEAN+3 when supply and production are affected by natural disasters.

Under the agreement, Vietnam and Myanmar will each contribute 14,000 tons, Thailand 15,000 tons, Indonesia and the Philippines 12,000 tons each, Malaysia 6,000 tons, Singapore 5,000 tons, and Brunei, Laos and Cambodia 3,000 tons each. China, Japan and South Korea will provide 300,000 tons, 250,000 tons and 150,000 tons respectively.

Ninh also agreed that Vietnam would take part in the rice emergency stock coordinated by APTERR's secretariat. The Ministry of Agriculture and Rural Development and the Ministry of Finance have been assigned the task of proposing the form and level of emergency assistance offered for the prime minister's final approval.

The APTERR agreement is important to price stability in ASEAN+3 countries.

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