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Vietnam, Philippines eye $10 billion in bilateral trade

Vietnam, Philippines eye $10 billion in bilateral trade

Wednesday, January 31, 2024, 14:48 GMT+7
Vietnam, Philippines eye $10 billion in bilateral trade
Vietnamese State President Vo Van Thuong (R) and Philippine President Ferdinand Marcos Jr. pose for a photo in Hanoi on January 30, 2024. Photo: Nhu Y / Tuoi Tre

Vietnam and the Philippines are poised to enhance their economic partnership to raise bilateral trade to US$10 billion by 2025.

The commitment was made during talks between State President Vo Van Thuong and his Philippine counterpart Ferdinand Marcos Jr. on Tuesday.

The Philippine president paid a state visit to Vietnam from Monday to Tuesday at the invitation of State President Thuong.

The two leaders highly valued the multifaceted cooperation between the two nations.

They encouraged firms in Vietnam and the Philippines to spur their cooperation and ramp up investment in various fields, such as food processing, hi-tech agriculture, infrastructure, and gas and oil production, to drive up two-way trade.

Moreover, the two leaders reached a consensus on engaging in deeper delegation exchanges at all levels to strengthen political cooperation.

With regard to their defense and security partnership, the two nations agreed to foster their collaboration in heightening marine and airspace security and fighting cross-border crimes.

An overall view of talks between Vietnamese State President Vo Van Thuong (right side) and Philippine President Ferdinand Marcos Jr.. Photo: Nhu Y / Tuoi Tre

Officials attend talks between Vietnamese State President Vo Van Thuong (right side) and Philippine President Ferdinand Marcos Jr.. Photo: Nhu Y / Tuoi Tre

Lucio Blanco Pitlo III, research fellow at the Asia-Pacific Pathways to Progress Foundation, told Tuoi Tre (Youth) newspaper that through Marcos' trip, the Philippines would focus on rice-related cooperation with Vietnam.

The Philippines is Vietnam’s largest rice buyer.

Vietnam is exporting both rice and electric vehicles, which demonstrates that a developing country can guarantee food security while moving toward a sustainable production and development chain, he said.

The Philippine researcher believes that the two nations’ marine security cooperation will cement trust in the region and contribute to maintaining peace and stability at sea.

Manila can learn from Hanoi’s foreign policy and experience in protecting and positioning its interests, he stated.

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Tieu Bac - Duy Linh - M.H. / Tuoi Tre News

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