Vietnam and the Philippines have agreed to work out measures to increase their mutual trade to $10 billion by 2025 as the two countries seek to strengthen bilateral ties with the visit of Philippine President Ferdinand Romualdez Marcos Jr.
The information was revealed at a meeting with business representatives from the two nations, co-chaired by Vietnam’s Prime Minister Pham Minh Chinh and President Ferdinand Romualdez Marcos Jr., in Hanoi on Tuesday.
The Philippines is currently Vietnam's 16th largest trading partner in the world and the sixth largest in ASEAN of Vietnam. The country is also Vietnam's largest rice export market.
Speaking at the meeting, PM Chinh said that Vietnam-Philippines bilateral trade turnover in 2022 reached about $7.8 billion, an increase of 12% compared to 2021. By the end of November 2023, two-way trade turnover had reached $7.1 billion.
Currently, the Philippines has 92 investment projects in Vietnam with total registered capital of about $608 million.
The prime minister requested that, in order to encourage the exchange of goods, boost imports and exports, and aim to boost trade turnover, the two sides make appropriate use of the Free Trade Agreements (FTAs) to which they are parties.
At the same time, businesses from the two sides have become increasingly interested in each other's markets. In particular, Vietnam advocates selectively attracting and cooperating with foreign investment, aiming for quality, efficiency, technology, and environmental protection.
At the meeting, business representatives also raised a number of proposals and recommendations to the leaders of the two countries related to anti-dumping taxes on Vietnamese cement, telecommunications business licensing, and procedures to reopen direct flights.
Vietnamese budget carrier Vietjet said it will open a flight route between Vietnam and the Philippines soon.
Appreciating the open policy and active support of the Vietnamese side for the two countries' businesses, Philippine President Ferdinand Romualdez Marcos Jr. believes that Philippine businesses will continue to cooperate and expand investment in Vietnam.