Philippines Targets $10 Billion Trade Goal with Vietnam

HANOI – President Ferdinand R. Marcos Jr. has set a target to elevate the Philippines’ bilateral trade with Vietnam from the current USD7 billion to USD10 billion, underscoring a commitment to deepen economic, trade, and investment relations between the two nations.

According to Philippines News Agency, during his separate discussions with Vietnamese President Vo Van Thuong and Prime Minister Pham Minh Chinh at the Presidential Palace in Hanoi, the Philippines aims to harness untapped resources and opportunities to reach this ambitious trade figure.

In his conversation with Prime Minister Chinh, Marcos emphasized the need to explore new avenues for business, technology exchange, capacity building, and collaboration on projects focusing on biomass and waste-to-energy, geothermal, and offshore wind industries. He highlighted the potential role of micro, small, and medium-scale enterprises (MSMEs), which form a significant portion of the business landscape in the Philippines and across the Association of Southeast Asian Nations (ASEAN) member states.

Marcos expressed readiness to work with Vietnam on streamlining trade and investment procedures and requirements, reducing trade barriers, and fostering a business environment characterized by transparency, predictability, and fair competition, which he believes will support mutual growth and development. The President also pointed to the countries’ ratification of the Regional Comprehensive Economic Partnership (RCEP) as a catalyst for maintaining positive trade momentum.

Further, Marcos conveyed the Philippines’ desire to become a reliable partner to Vietnam in the realm of digital transformation, citing the Filipino workforce’s readiness to adopt new technologies. He envisioned cooperation between Manila and Hanoi in leveraging technology and developing infrastructure for digital transformation to bolster economic growth and counter cybersecurity threats.

The Philippine government’s creation of the Science, Technology, and Innovation-driven Industrial Strategy for 2022-2028 and the E-commerce Philippines 2022 Roadmap was cited by Marcos as steps towards achieving a digital economy with a gross merchandise value exceeding USD100 billion by 2030. He also referenced a report highlighting the Philippines as one of the fastest-growing digital economies in ASEAN, with expectations of significant growth in the coming years.

Marcos touted the Philippines’ positive economic outlook, inviting foreign investors to capitalize on the government’s policy reforms and initiatives aimed at creating a conducive business environment. He cited the country’s 5.9 percent economic growth in the third quarter of 2023 and stable credit ratings as indicators of the Philippines’ robust economic position and the government’s efforts to implement structural economic reforms, including the recent enactment of the Public-Private Partnership Code to address infrastructure needs.