At the workshop (Source: VNA)HCMCity (VNA) – Vietnam and the Philippines boast substantial potentialto step up their trade and investment cooperation, heard a workshop jointlyheld by the two countries’ ministries of industries and trade in Ho Chi MinhCity on June 20.
TranQuoc Khanh, Vietnamese Deputy Minister of Industry and Trade, said thefriendship and economic, trade and investment links between the two countrieshave reaped noted achievements, with two-way trade hitting 4 billion USD in2017, up 22 percent year-on-year.
Inthe first five months of 2018, the bilateral trade revenue hit 1.77 billionUSD, a rise of 15.5 percent against the same period last year, the officialsaid.
Currently,Vietnam and the Philippines are the fifth largest trade partner of each otherin the Association of Southeast Asian Nations (ASEAN). Of note, the Philippineshas poured 328 million USD in Vietnam so far this year, ranking 35 out of 126countries and territories investing in the country.
Khanhsaid, however, the results have yet to match the position and potential of thetwo countries.
Hesuggested Vietnam and the Philippines should take advantage of their reciprocalexport structures, as well as their ASEAN membership to deepen the economic andtrade ties.
TheVietnamese Government is scaling up efforts to implement concrete measures toimprove the domestic business environment and national competitiveness, andcreate the best possible conditions for foreign businesses and investors toeffectively operate in Vietnam, Khanh noted.
CeferinoRodolfo, Undersecretary of the Philippine Department of Trade and Industry,described Vietnam as one of the fast-growing markets, and an attractivedestination for many enterprises and investors in Southeast Asia.
Thetwo countries still have a lot of potential to turn their trade and investmentpotential into cooperation opportunities, he said.
Philippinefirms have regarded Vietnam as a promising market in ASEAN and Asia at large,with such advantages as high, dynamic population and increasing consumptiondemands, especially for high-quality and personal-care products, according tothe official.
Atthe workshop, nearly 20 Philippine businesses operating in the fields of food,consumer goods, and auto-automobile manufacturing engaged in exchanges withsome 100 Vietnamese firms to set up partnerships and push trade activities inthe future. -VNA
VNA
