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Vietnam and the Philippines expect to trade worth $10 billion by 2026

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BNN Correspondents
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Vietnam and the Philippines expect to trade worth $10 billion by 2026

Vương Đình Huệ, Chairman of the Vietnamese National Assembly, repeated on Thursday the goal of increasing two-way commerce between Vietnam and the Philippines to $10 billion in a more equal manner by 2026, when they celebrate the 50th anniversary of diplomatic relations.

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Chairman Hu, speaking at the Vietnam-Philippines Investment-Trade Forum, emphasized that Vietnam and the Philippines have many strategic interests and are two dynamic emerging economies with a $7 billion trade turnover.

Hu stated that the number of Vietnamese enterprises doing business in the Philippines has remained limited, with just about $600 million invested in Vietnam by Philippine corporations. This fell short of both parties' expectations.

He stated that Vietnam would continue to do well in farm produce trade activities, maintaining a high and consistent export of rice at reasonable prices, and being ready to import items of the Philippines' strength.

He stated that the two administrations and legislatures will provide all conceivable assistance to investors and businesses and that the two economies are complementary rather than competitive. Despite their near geographical proximity, Vietnam has remained the Philippines' lone strategic partner in ASEAN.

Juan Miguel Zubiri, President of the Philippine Senate, lauded Vietnam's resolve to become an ASEAN leader in economic development, stating that the Philippines has long respected and wished to learn more about Vietnam's experiences to promote its economic growth.

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