Vietnam and Philippines to raise trade turnover to US$10 bln in 2025

The agreement was reached during a meeting in Hanoi on January 30 between Vietnamese Prime Minister Pham Minh Chinh and visiting Philippine President Ferdinand Marcos Jr.

To realise the target, the two sides agreed to create a favourable business and investment environment, especially in areas where both sides have needs and strengths, such as processing technology, infrastructure, automobile supporting industries, renewable energy, and hi-tech agriculture.

Chinh affirmed that rice trade is one of the important areas of bilateral cooperation, not only for economic benefits but also for ensuring food security. He proposed the two sides effectively implement a document on rice trade cooperation signed during the Philippine President’s visit.

The two leaders affirmed that both Vietnam and the Philippines would continue to promote the role of the defence, security and maritime cooperation mechanism; soon resume the joint committee on sea and ocean cooperation at the deputy foreign ministerial level; improve the effectiveness of joint patrols, and search and rescue at sea; and strengthen cooperation in the fight against drug crime, cybercrime, high-tech crime, and economic crime.

Marcos Jr. for his part agreed with Chinh’s proposals to boost cooperation in potential fields such as education - training, science - technology, tourism, culture, people-to-people exchanges, as well as cooperation between their localities. He also encouraged the opening of more direct flights connecting famous destinations between the two countries.

The two sides also agreed to comprehensively review an action programme to implement the strategic partnership for the 2019-2024 period, and develop another for the 2025-2030 period, with priority given to new and potential fields such as digital transformation, green economy, circular economy, climate change response, and energy transition.

Discussing international and regional issues, the two sides appreciated their close coordination at regional and international forums such as the Association of Southeast Asian Nations (ASEAN), the United Nations, the Asia-Pacific Economic Cooperation (APEC), and the Asia-Europe Meeting (ASEM). They emphasised the maintenance of solidarity and the central role of ASEAN, as well as the consensus on building a strong, united and resilient ASEAN Community.

Regarding the East Sea issue, the two sides agreed to continue to coordinate closely with each other and with other ASEAN countries and partners to maintain and implement ASEAN's common viewpoint on the East Sea; ensure the full and serious implementation of the Declaration on the Conduct of Parties in the East Sea (DOC), speed up negotiations on building an effective and efficient Code of Conduct in the East Sea (COC) in accordance with international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS); and build the East Sea into a sea of peace, cooperation and development, thus contributing to the stable, prosperous and sustainable development of the region and the world.