PBBM Aims To Expand Trade With Vietnam To US$10-B

President Ferdinand R. Marcos Jr. has announced plans to bolster bilateral trade between the Philippines and Vietnam, aiming to increase it to $10 billion by leveraging untapped resources and strengthening economic ties.

Vietnam ranks as the Philippines' 11th largest trade partner globally and the 5th largest within ASEAN. I Photo: Bongbong Marcos Facebook

In a statement, President Marcos emphasized the commitment to enhancing economic, trade, and investment relations with Vietnam, highlighting numerous opportunities for collaboration between the two nations.

Currently, bilateral trade stands at approximately $7 billion, and the objective is to expand it to $10 billion, focusing on exploring untapped resources to achieve a more balanced trade ratio.

In 2022, the total trade between the Philippines and Vietnam amounted to $6.18 billion, with Vietnam enjoying a trade surplus of $2.74 billion.

The Philippines exports electrical machinery and equipment, copper, nuclear reactors, plastics, and fertilizers to Vietnam, while imports from Vietnam include cereals, electrical machinery, iron and steel, and miscellaneous edible preparations.

Vietnam ranks as the Philippines' 11th largest trade partner globally and the 5th largest within ASEAN.

President Marcos highlighted the significance of the Philippines' ratification of the Regional Comprehensive Economic Partnership (RCEP) in further strengthening trade relations with Vietnam.

The president emphasized the importance of fostering a close partnership with Vietnam to streamline trade and investment procedures, reduce trade barriers, and create a transparent and predictable business environment conducive to fair competition and mutual growth and development.

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