Philippines-Vietnam trade turnover anticipated to hit US$8 billion this year
VOV.VN - Trade turnover between Vietnam and the Philippines is likely to reach between US$8.1 billion and US$8.3 billion this year, up between 3.9% and 6.4% on-year, according to the Vietnam Trade Office in the Philippines.
Turnover reached US$4.21 billion in the first half of this year, of which US$2.93 billion came from Vietnamese exports, up 17.6% against that the same period from last year.
Prominent among Vietnamese exports was rice, with its revenue being US$1.2 billion, an annual increase of 40.9% to account for 41% of Vietnam’s total from this market.
Throughout the reviewed period, the country spent nearly US$1.28 billion on importing products from the Philippines, up 19.5% on-year, primarily computers, electronic products and components with US$779.2 million, equipment, tools and spare parts at US$132.3 million, and metals of all kinds with US$103 million.
Moving forward, Vietnamese rice exports to the Philippine market are expected to benefit from Manila's new import tax reduction regulations.
In a meeting held in early June, the Philippine Government announced that it will reduce the rice import tax from 35% to 15%, starting this year and running to 2028 in order to keep domestic inflation in check.
