Vietnam, Philippines look to achieve US$10 billion in bilateral trade

HCMC – Vietnam and the Philippines agreed to raise bilateral trade to US$10 billion while Prime Minister Pham Minh Chinh was meeting with Secretary of Foreign Affairs of the Philippines Enrique A. Manalo on August 2.

During the meeting, Chinh affirmed Vietnam’s appreciation of its strategic partnership with the Philippines and expressed the desire to further develop this relationship in an effective and practical manner. Secretary of Foreign Affairs Manalo highlighted Vietnam as the Philippines’ only strategic partner in ASEAN and emphasized the numerous shared interests and strategic benefits between the two nations.

He pledged that the Philippines would collaborate closely with Vietnamese partners to effectively implement the agreements reached during his visit to Vietnam.

Chinh praised the effectiveness of exchange activities between Vietnam and the Philippines, particularly noting sustainable growth in two-way trade, which amounted to nearly US$8 billion last year. The two countries are committed to focusing on cooperation in maritime issues, the ocean economy, and combatting illegal, unreported, and unregulated fishing.

Chinh also stressed the importance of strengthening cooperation in defense, security, and maritime affairs and called for the establishment of a legal framework for security cooperation between Vietnam and the Philippines.

Manalo expressed hope for enhanced cultural, tourism, and education exchanges, as well as stronger ties at the local level. He also emphasized the significance of cooperation in agriculture, particularly in rice trading, to ensure food security.

Both sides agreed to continue supporting each other and reinforce their solidarity and position in ASEAN, aiming for a peaceful, stable, secure, safe, and free navigation and aviation in the East Sea.

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