Cebu: President Ferdinand R. Marcos Jr. and Vietnamese Prime Minister Lª Minh Hung have agreed to establish a "long-term rice trade mechanism" aimed at ensuring a stable rice supply and bolstering food security cooperation between their nations. The agreement was reached during a bilateral meeting on the sidelines of the 48th Association of Southeast Asian Nations (ASEAN) Summit.

According to Philippines News Agency, both leaders highlighted the importance of enhancing agricultural cooperation amid regional and global supply challenges. In addition to rice trade, the discussions included expanding collaboration to combat transnational crimes, such as scam hubs and human trafficking, and strengthening tourism cooperation.

President Marcos also congratulated Prime Minister Lª Minh Hung on his recent appointment and welcomed him to his first ASEAN Summit. The leaders acknowledged the 50th anniversary of Philippines-Vietnam bilateral relations, expressing optimism that this milestone would further deepen trade, economic, and people-to-people ties.

Vietnam is a major rice supplier to the Philippines, which relies on imports to stabilize domestic supply and prices. The bilateral meeting was part of a series of engagements during the 48th ASEAN Summit hosted in Cebu.