MANILA, PHILIPPINES – President Ferdinand R. Marcos Jr., announced on Wednesday, January 31, that Vietnamese firms plan to expand economic opportunities in the Philippines.
Communications Secretary Cheloy Garafil stated that Marcos arrived at the Villamor Air Base in Pasay City at 3:30 a.m. In his arrival statement, Marcos expressed that his visit to Vietnam set the foundation for enhancing the strategic partnership between the two countries.
“In my dialogue with Vietnamese business leaders they expressed interest in expanding their businesses in the Philippines, as well as exploring cooperation with our business sector in various traditional and non-traditional economic activities,” Marcos said in a video message after his state visit.
Marcos highlighted that Vietnamese companies, particularly Vingroup, have shown interest in investing in the Philippines. Vingroup aims to collaborate in Artificial Intelligence, medical education, and scholarships for Filipino students. Additionally, the company is considering involvement in the electric vehicle and battery supply chains.
Moreover, Marcos mentioned that his discussions with Vietnamese President Vo Van Thoung not only reinforced the commitment to strengthen relations between Manila and Hanoi but also led to the signing of agreements covering areas such as rice, agriculture, maritime, and cultural cooperation.
“We discussed areas of cooperation including defense, maritime, trade and investment, economics, education, tourism, and culture. We also witnessed the exchange of several agreements, including on rice, agriculture, culture, and maritime cooperation,” he said.
During individual meetings with Vietnamese Prime Minister Pham Minh Chinh and National Assembly Chairman Vuong Dinh Hue, Marcos addressed the enhancement of bilateral relations, people-to-people exchanges, parliamentary cooperation, and potential collaborative areas.
Marcos emphasized that the Philippine government successfully safeguarded the interests and competitiveness of Filipino companies operating in Vietnam.
“We have successfully safeguarded the interest of Filipino businesses operating in Vietnam by providing them with the platform to voice their experiences, plans, and challenges at the very highest level,” he said.
“We want to assure them that the Philippine government stands ready to support in their endeavors in competing foreign markets,” Marcos added.
Marcos said he also met with the Filipino community to express his appreciation for their “continued good work in projecting a very positive image of the Philippines in Vietnam”.
“I gave them my assurances that my administration will continue to strive for the betterment of the Filipinos in the Philippines and abroad,” Marcos said.
In 2022, Vietnam accommodated approximately 7,003 Filipinos, whose remittances totaled USD 13,683,000.
The Philippines aims to boost bilateral trade with Vietnam, aspiring to increase it from the current USD 7 billion to USD 10 billion by tapping into untapped resources.
As of 2022, the Philippines and Vietnam engaged in a total trade volume of USD 6.18 billion, consisting of exports valued at USD 1.72 billion and imports at USD 4.46 billion. Vietnam holds a trade balance advantage, with a surplus of USD 2.74 billion.
Formal diplomatic ties between the Philippines and Vietnam were established on July 12, 1976, and their relations were elevated to a Strategic Partnership in 2015.