Vietnam to export rice to South Korea

Economy

Vietnam to export rice to South Korea

Monday, January 20, 2020

The Ministry of Industry and Trade (MoIT) announced that Vietnam and South Korea had signed an export agreement of all types of rice grown by the former to the latter with a quota of more than 55,000 tons for Vietnam only.

South Korea is a new market for Vietnamese rice this year.

According to the MoIT, in the framework of bilateral consultations with the Republic of Korea on the tariff of rice products under the WTO, Vietnam signed with Korea - in the multilateral agreement between Korea and five WTO partners, including Australia, the US, China, Thailand and Vietnam - on the allocation of tariff quotas and bilateral correspondence between Vietnam and Korea on allocation of tariff quotas.

Accordingly, starting from January 1 this year, besides allocating a quota of 20,000 tons of rice to all the members of the WTO, South Korea gives a quota of 55,112 tons of rice for Vietnam only.

According to the Import-Export Department under the MoIT, the quota allocated for Vietnam includes all rice varieties that the country are able to grow and export. South Korea will ensure to apply a quota allocation mechanism in accordance with the regulations of the WTO and will not cause import restriction effects. The Ministry of Agriculture, Food and Rural Affairs of South Korea will conduct annual auction in the form of competition to import the private quota of Vietnam as well as from other countries which have already been allocated.

To make use of the opportunities to access the Korean market via this agreement, contributing to increasing export turnover of rice, the Import-Export Department has sent an official dispatch to provinces and municipalities and the Vietnam Food Association for them to timely inform rice exporters about this information.

SGGP

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