The MOU was signed to establish a comprehensive cooperation mechanism to ensure food supply and stabilize the rice market in both countries. It plays an important significance in promoting and diversifying Vietnam's rice export markets while contributing to consolidating and developing Vietnam-Mongolia bilateral trade relations.

The MOU on sustainable rice trade between the Vietnamese Ministry of Industry and Trade and the Ministry of Food, Agriculture, and Light Industry of Mongolia is an important basis for establishing a regular exchange and cooperation mechanism between the two sides. It facilitates rice trade activities between Vietnam and Mongolia, and at the same time finds solutions to remove difficulties for businesses on both sides in the of import and export rice.

President Vo Van Thuong and President Ukhnaagiin Khurelsukh witnessed the signing ceremony of a memorandum of understanding on sustainable rice trade between Vietnam and Mongolia.

According to the MOU, the Mongolian Ministry of Food, Agriculture, and Light Industry will annually review and present the demands for rice import in the following year.

On that basis, the Vietnamese Ministry of Industry and Trade will support connections with the private sector to export rice according to Mongolia's demands. The two sides will also regularly organize exchange programs and trade connections between rice export and import businesses of both sides to implement the MOU as well as promote rice trade exchange between businesses.

The Vietnam - Mongolia MOU on sustainable rice trade was signed within the framework of the visit to Vietnam by Mongolian President Ukhnaagiin Khurelsukh and his spouse from November 1-5.

Mongolia is an early economic and trade partner of Vietnam in Asia and around the world. The first trade agreement between Vietnam and Mongolia was signed in 1958. Vietnam is currently Mongolia's 11th largest trade partner, the total import and export value between Vietnam and Mongolia in 2022 increased by 6.5% (reaching USD 85.4 million) compared to 2021.

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