According to the Vietnamese Trade Office in the Philippines, Vietnamese exports to the Philippines saw a strong recovery in March, increasing by 25.3% to US$442.631 million compared to February.

Despite this positive growth, Vietnam’s total exports to the Philippines for the first quarter decreased slightly by 3.8% year-on-year, totaling US$1.402 billion. Similarly, imports from the Philippines fell by 4.6% to US$672.179 million, resulting in a total bilateral trade turnover of US$2.074 billion for the first three months.

The first quarter saw some bright spots, including increased exports of agricultural products and industrial goods, particularly key Vietnamese items like garments, textiles, and telephones.

Both nations’ businesses have also been exploring new market opportunities, leading to expanded cooperation in sectors such as pharmaceuticals and livestock vaccines.

Additionally, the growing presence of Vingroup in the Philippines and the introduction of direct flights by Vietnam Airlines have positively contributed to trade relations.

The Vietnamese Trade Office in the Philippines expects a strong upswing in bilateral trade this year, with the target of reaching US$10 billion.

Vietnam-Philippines trade exceeds US$8 billion for first time

VOV.VN - Beyond expectations, trade between Vietnam and the Philippines surpassed US$8 billion for the first time last year, hitting over US$8.66 billion, a year-on-year increase of 11%, according to the Ministry of Industry and Trade.