HCMC – Vietnam’s exports to the Philippines surpassed US$6 billion for the first time in 2024, driving bilateral trade to US$8.66 billion, according to official data.
This trade volume reflects an 11% increase against 2023, said Vietnam’s Ministry of Industry and Trade. Exports soared by 20.2% year-on-year to US$6.19 billion, while imports from the Philippines dropped 6.7% to US$2.47 billion, leaving Vietnam with a trade surplus of US$3.72 billion.
The record-breaking figure underscores a significant rise from the US$7.8 billion total trade seen in 2022 and 2023, signaling strong growth in Vietnam’s export activity.
Rice exports were the primary driver of this growth, soaring 48.9% from 2023 to US$2.6 billion. Other key export categories included machinery and equipment at US$393 million, coffee at US$288.5 million, and electronics, with phone exports valued at US$212.3 million and computers at US$186.6 million. Additionally, textile exports contributed US$138.2 million.
On the import side, Vietnam sourced electronics, machinery, metals, electrical cables, and seafood from the Philippines.
Despite the impressive growth, Vietnamese exporters face stiff competition from regional players such as Thailand, China, and India. Furthermore, strict regulations on food safety and environmental standards in the Philippines present challenges that demand compliance with stringent requirements, according to industry experts.
