Under the MoU, AgriNurture Inc is set to import as much as two million metric tonnes of rice annually from 2019.

This co-operation will help address the Philippines’ rice supply issues, said a representative of AgriNurture Inc.

“The terms and conditions of the exclusive supply agreement shall be finalised in accordance with applicable Philippines laws, including but not limited to, the proposed rice tarification bill,” AgriNurture said in a disclosure to the local bourse on Monday.

As regards Vinafood 2, in the first half of 2018, the corporation’s revenue reached nearly VND7.45 trillion (US$317 million), a year-on-year increase of 68 per cent and its gross profit was VND659 billion, up 3.3 times over the same period last year.