Vietnam, Philippines target US$10 billion in trade

Vietnam and the Philippines target two-way trade of US$10 billion by 2025 with a focus on removing trade barriers and facilitating investment in each country.

Vietnam's State President Vo Van Thuong (L) and Philippine President Ferdinand Romualdez Marcos Jr. in Hanoi on January 30. Photo: Baoquocte

The goal was announced by Vietnam’s Prime Minister Pham Minh Chinh and Philippine President Ferdinand Romualdez Marcos Jr. in Hanoi on January 30 when the two leaders co-chaired a meeting with businesses of both sides.

To make the target possible, the leaders realized that intensified cooperation should be on some sectors of their strengths like seafood, fruits, and vegetables, in addition to typical sectors, such as processing, infrastructure, automobile supporting industries, oil and gas, renewable energy, hi-tech agriculture, mostly rice trade.

The two sides agreed to implement bilateral cooperation mechanisms; review the action plan for the implementation of a Strategic Partnership for 2019-2024; and build an action plan for the new period with an emphasis on emerging sectors, including digital transformation, circular economy, climate change response, and energy transition.

President Ferdinand R. Marcos Jr. hopes to capitalize on the countries’ ratification of the Regional Comprehensive Economic Partnership (RCEP) to maintain the upward trend in two-way trade.

The Philippines eyes establishing a close partnership with Vietnam to streamline trade and investment procedures, reduce trade barriers, and cultivate a better business environment.

He appreciated “Vietnam’s readiness to support the Philippines’ rice requirements” as they recognized the importance of food security and sustainable global supply chains following the pandemic.

On this occasion, the two countries signed agreements on Rice Trade Cooperation and Cooperation in Agriculture and Related Fields. Another important area of the relations, according to President Ferdinand R. Marcos Jr. is people-to-people relations. “To further our education cooperation, we would like to continue promoting exchange programs among our students, faculties, and researchers, especially in agriculture,” he stated.

“The two economies can connect and complement each other while political trust is increasingly higher, we understand each other more and more and the two sides have more and more experience in cooperation,” Prime Minister Chinh said.

During the trip to Vietnam, President Ferdinand R. Marcos Jr. visited Thang Long Imperial Citadel – the UNESCO-recognized ancient citadel dating back a thousand years ago.

The welcome ceremony was marked by a 21-cannon salute. Photo: Baoquocte

 Comprehensive cooperation

Given efforts toward comprehensive cooperation, the two countries are going to finalize the Implementation Program of the Agreement on Cooperation on Tourism for 2024 to 2028. At the same time, they continue the extension of air services between their key destinations, to greatly contribute to the growth of both economic activity and interpersonal relationships as President Marcos Jr. expected.

In culture, the signing of the Executive Program on Cultural Cooperation for the period 2024 to 2028 should enhance the cultural collaboration between our nations. This will be achieved through exchanges of publications, and exhibitions showcasing arts and culture.

In their meeting, Vietnamese State President Vo Van Thuong and Philippine President Ferdinand Romualdez Marcos Jr. discussed strengthening defense and security against transborder and hi-tech crime. At the same time, they talked about the extension of a hotline between the two agriculture ministries to inform each other about illegal, unreported, and unregulated (IUU) fishing.

In terms of defense and security, the state leaders affirmed to promote cooperation mechanisms on defense, security, and maritime cooperation and soon resumed a joint committee with the deputy foreign minister on sea and ocean. They vow to make effective efforts in joint patrol and search and rescue at sea.

Regarding regional and international issues, they agreed to boost cooperation in ASEAN issues towards unity and solidarity in the bloc to ensure ASEAN Centrality and a strong ASEAN Community.

They stressed the need for full implementation of the Declaration of the Conduct of Parties (DOC) in the East Sea with the position that is "consistent, clear, and firmly anchored in the 1982 United Nations Convention on the Law of the Sea (UNCLOS)".

Remarkably, the two countries signed a number of agreements, including in agriculture, rice trade, maritime cooperation, and culture.

Vietnam and the Philippines will celebrate the 10th anniversary of Strategic Partnership in 2025 and the 50 years of bilateral relations in 2026. Vietnam is the Philippines’ only strategic partner in ASEAN. 

Vietnam's Prime Minister Pham Minh Chinh (R) and President Ferdinand Romualdez Marcos Jr.