HCMC – Two-way trade between Vietnam and the Philippines is projected to exceed US$8.5 billion by the end of 2024, according to the Vietnamese Trade Office in the Philippines.
By November 2024, total trade between the two nations had amounted to US$8 billion. Vietnam’s exports to the Philippines rose by 22.8% year-on-year to US$5.7 billion, while imports fell by 5% to nearly US$2.2 billion, resulting in a trade surplus of US$3.4 billion for Vietnam during the first 11 months.
Rice was a standout export, surging 57.2% to nearly US$2.5 billion. Other key exports included machinery and equipment, clinker and cement, coffee, and mobile phones and components.
On the import side, Vietnam’s primary purchases from the Philippines comprised computers, electronics, machinery, metals, and seafood, with computer and electronic product imports exceeding US$1.43 billion.
This trade growth reflects efforts by the Vietnamese Ministry of Industry and Trade, businesses, and associations to promote bilateral trade and address barriers since the end of the Covid-19 pandemic in 2022.
Vietnamese enterprises, including Vingroup, have identified the Philippines as a strategic market for expansion. The resumption of direct flights between Hanoi, HCMC, and Manila has further enhanced trade connectivity.
With strong momentum in December, authorities are optimistic about achieving the US$8.5-billion trade target and a US$3 billion trade surplus by year-end.
