UAE-based Phoenix Global DMCC inks agreement with Vietnam's Loc Troi Group to enhance sustainable rice production
UAE-based Phoenix Global DMCC has signed a cooperation agreement with Vietnam's Loc Troi Group to enhance sustainable rice production.
In a joint statement, the companies said the agreement will benefit 10,000 Vietnamese smallholder farmers and enhance sustainable rice farming over 10,000 hectares of paddy field.
They added that they hoped consumers in the UAE and Middle Eastern region would also benefit by way of imports of low chemical residue.
Gaurav Dhawan, chairman and CEO of Phoenix Group, the world’s second largest rice trader, said: “Phoenix has participated in many initiatives in the world, particularly in Africa, the CIS, the Middle East, India, and South East Asia to address and tackle the challenges of sustainable development in the value chain from cultivation to agribusiness.
"The cooperation agreement with Loc Troi Group will enhance Phoenix’s footprint in Vietnam on food safe rice production, food security, economic prosperity of Vietnamese youth, and environmental issues in mass agricultural production and meanwhile gently help Loc Troi to market Vietnamese rice globally."
The agreement also aims to help farmers in Vietnam achieve resilience to cushion the adverse effects of climate change, pest infestation, drought, floods and other calamities that are being experienced quite frequently over the past few years, a statement said.
Huynh Van Thon, chairman of Loc Troi Group, said: “This cooperation... expresses the great efforts from both Phoenix and LTG in our commitment to promoting the sustainable development of Vietnam’s rice sector in particular.”
The agreement is in line with the Sustainable Rice Platform (SRP), a global alliance of research institutes, agri-food businesses, public sector, and civil society organizations, convened by the United Nations Environment Programme (UNEP) and the International Rice Research Institute (IRRI).
Vietnam is a prominent supplier of rice to the world. In 2017, Vietnam exports were at $2.6 billion (5.9 million tons) and this year it is expected to surpass $3 billion (7 million tons). Rice exports from Vietnam form about 18 percent of the global rice trade.
Phoenix Group is registered at the Dubai Multi Commodities Centre (DMCC) and is the world’s second largest rice trader. It operates 10 business verticals in 22 countries from its central operations hub in Dubai.