Vietnam will export 300,000 tonnes of rice to the Republic of Guineaa year from 2013 to 2015 following a memorandum of understanding onthe trade signed in Hanoi on March 29.

Thedocument was inked by Vietnamese Minister of Industry and Trade Vu HuyHoang and Minister of Trade Mohammed Dorval Doumbouya of Guinea.

Minister Hoang said the MoU will create a legal framework for theestablishment of stable and direct rice trade relations to help ensurefood security for Guinea and develop the strategic partnershipbetween the two nations in rice provision.

Heexpressed his belief that with both sides’ potential and efforts,bilateral economic-trade relations will see new developments in thefuture.

In addition to rice, Vietnam will boostthe export of garments, footwear, tobacco, chemicals, bike and motorbikeparts to Guinea while importing cashew nuts, metals and mineralsfrom this African country, he said.

According toHoang, rice has always been Vietnam’s main export to Guinea,contributing 23 million USD to the country’s 40 million USD export valuefrom Guinea in 2012.

However, he noted thatthis figure failed to match the two countries’ potential as Guinea hasa demand of importing between 350,000 and 400,000 tonnes of rice eachyear while Vietnam is the world’s second largest rice exporter with7.7 million tonnes shipped last year.

Therefore, theministry has worked with relevant agencies to speed up negotiations forthe establishment of a legal framework for rice export, helping seeknew markets and remove difficulties for local rice exporters, Hoangsaid.

Guinea is now one of Vietnam’s importantpartners in West Africa in particular and Africa in general with two-waytrade exceeding 100 million USD in 2011.-VNA