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Thursday, June 13, 2024

Vietnam, Philippines eye US$10 billion in two-way trade by 2025

By Truc Dao

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HCMC – Vietnam and the Philippines have pledged to strengthen economic cooperation, with a shared goal of elevating their two-way trade to US$10 billion by 2025.

This commitment was made during talks today between Vietnam’s President Vo Van Thuong and visiting Philippine President Ferdinand Marcos Jr. And it was reiterated at a meeting between Vietnamese Prime Minister Pham Minh Chinh and President Marcos Jr. today on the occasion of the Philippine leader’s two-day state visit to Vietnam.

At the meeting the two sides discussed measures to strengthen economic, trade and investment cooperation, and pledged to create a favorable business and investment environment, especially in technology, infrastructure, automotive supporting industries, renewable energy, and hi-tech agriculture.

They also agreed to prompty implement bilateral cooperation mechanisms and comprehensively review the action plan for the strategic partnership phase 2019-2024. Among the prioritized sectors for development are digital transformation, green economic growth, circular economy, and energy transition efforts.

According to the Vietnam News Agency, the President of the Philippines pledged to enhance cooperation in education and training, science and technology, tourism, culture, as well as facilitating the opening of direct flights connecting famous destinations between the two countries.

The two leaders also met with representatives of businesses from both countries, including those in infrastructure development, trade, real estate, electric vehicles, aviation, information technology, food, energy, pharmaceuticals, education and training sectors.

Prime Minister Pham Minh Chinh and President of the Philippines Ferdinand Marcos Jr. meet with representatives of businesses from both countries – PHOTO: VNA

Speaking at the meeting, business leaders presented specific directions for cooperation, and discussed issues related to anti-dumping duties on Vietnamese cement and telecommunications business licensing.

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