According to Tran Quoc Khanh, deputy minister of Industry and Trade, both nations have yielded positive results in the ties of friendship, cooperation, trade and investment. Last year saw an impressive increase in two-way trade turnover as it reached US$4 billion, a 22% rise compared to the previous year.
In the first five months of the year, bilateral trade rose to US$1.77 billion, a 15.5% increase on the same period last year. At present, Vietnam and the Philippines share the fifth largest trading partnership within ASEAN. Since the beginning of the year, the Philippines has invested US$328 million into Vietnam, ranking 35th among 126 nations and territories pouring investment into the Southeast Asian nation.
Although economic cooperation between the two countries has constantly improved over the years, growth has not yet matched their potential and position, Khanh noted while suggesting both sides fully utilize reciprocal export structures, as well as their ASEAN membership to deepen the economic and trade ties.
The Government of Vietnam has doubled great efforts in taking concrete measures to improve the business climate and enhance national competitiveness to facilitate the operations of foreign businesses and investors in Vietnam.
Ceferino Rodolfo, Undersecretary the Philippine Department of Trade and Industry highlighted Vietnam as one of the fast growing markets in the world, and has captured the attention of many investors and businesses in Southeast Asia.
The two countries hold great potential to translate their trade and investment potential into major cooperation opportunities, he said, adding that his nation’s firms have seen Vietnam as a promising market in ASEAN and Asia as a whole, with such advantages as high, dynamic population and growing consumption demands, especially for high-quality and personal-care products.