Vientiane, Laos—Department of Trade and Industry (DTI) Secretary Cristina A. Roque reinforced President Ferdinand R. Marcos Jr.’s call for stronger trade and investment relations in a meeting with Vietnam Prime Minister H.E. Pham Minh Chinh on October 08.

Held on the sidelines of the 44th and 45th ASEAN Summits, the discussion focused on the leveraging both of the countries’ continued economic growth to expand bilateral trade and explore new avenues for collaboration.

“Vietnam has demonstrated remarkable economic resilience and growth. This presents a valuable opportunity for the Philippines to further expand our trade relations. We aim to achieve a balanced and mutually beneficial trade partnership that contributes to the prosperity of both our nations,” said Secretary Roque.

Highlighting the commitment to a sustainable future, the leaders celebrated the recent launch of Vinfast electric vehicles in the Philippines. Spearheaded by Vietnamese automaker Vinfast, this initiative is poised to contribute significantly to the Philippines’ efforts in sustainable development and climate change adaptation.

This collaboration builds upon the foundation laid during President Marcos’ meeting with Vingroup Company in January 2024, where discussions centered on cooperation in artificial intelligence, healthcare advancements, and active participation in the growing electric vehicle (EV) and battery supply chains.

Already a significant trading partner, Vietnam holds the position of the Philippines’ 11th largest trading partner globally and 5th within ASEAN. It is also the country’s 12th largest export destination and 9th largest source of imports.

To further elevate this robust relationship, the leaders identified key sectors for future collaboration: electronics, automotive, personal care, and food and beverage.

Seizing the economic potential of these sectors aligns with the shared goal of achieving USD 10 billion in bilateral trade between the two countries. Initially set during the 10th PH-Viet Nam Joint Commission on Bilateral Cooperation in August 2023, this target was reiterated during President Marcos Jr.’s State Visit to Vietnam in January 2024.

This bilateral meeting on the sidelines of the ASEAN summits sustained the set trajectory, with the mutual commitment to strengthen economic cooperation between the Philippines and Vietnam.

“This meeting signifies our commitment to deepening the economic ties between the Philippines and Vietnam.  By exploring avenues in key sectors, we are fostering trade and investment and laying the groundwork for a future of collaboration and shared prosperity in Southeast Asia,” said the trade chief.

Also joining President Marcos Jr. during the meeting were House Speaker Martin Romualdez, Special Assistant to the President for Investment and Economic Affairs Frederick Go, and other key officials from Vietnam and the Philippines. ♦

Date of Release: 16 October 2024

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