Vietnam and the Philippines Aim for $10 Billion Bilateral Trade by 2025

DNHN - On the morning of January 30, at the Government Office, Prime Minister Pham Minh Chinh received Philippine President Ferdinand Romualdez Marcos Jr., who was on a state visit to Vietnam.

Prime Minister Pham Minh Chinh welcomed President Marcos Jr. on his first state visit to Vietnam, which took place just before the country’s traditional Tet holiday, contributing to the promotion of friendly relations and multifaceted cooperation between Vietnam and the Philippines.

The Prime Minister congratulated the Philippines, under the leadership of President Marcos Jr., for continuously achieving remarkable socio-economic achievements, enabling the country to maintain GDP growth among the fastest-growing economies in the region, improving the quality of life for its citizens, and strengthening its position in the international arena.

The Philippine President expressed his admiration for Vietnam’s outstanding socio-economic development achievements in recent years and affirmed that the Philippines always values and desires to elevate the two countries’ Strategic Partnership to new heights.

To further deepen, substantiate, and enhance the bilateral relationship, both sides agreed to continue strengthening the exchange of delegations at all levels, between sectors and localities and affirmed that regular meetings between the two countries' leaders contribute to consolidating and enhancing political trust and comprehensively promoting bilateral cooperation. The two sides also agreed to promptly and fully implement various bilateral cooperation mechanisms, comprehensively review the Action Programme for the Implementation of the Strategic Partnership for the 2019-2024 period, and develop a new Action Programme, prioritising new and potential areas such as digital transformation, green and circular economy development, climate change response, energy transition, and more.

The two sides discussed measures to enhance economic, trade, and investment cooperation, striving to achieve a bilateral trade turnover of $10 billion by 2025, and create a favourable business and investment environment, especially in areas where both sides share needs and strengths such as processing technology, infrastructure, automotive supporting industry, renewable energy, high-tech agriculture, and more.

Regarding the rice trade, the Prime Minister affirmed that this is one of the important areas of cooperation with the Philippines, not only for economic benefits but also closely linked to the goal of ensuring food security. He suggested that both sides effectively implement the Memorandum of Understanding on Rice Trade Cooperation signed on this occasion.

On defence and security cooperation, the two leaders affirmed that they will continue to promote the role of the defence and security cooperation mechanism and maritime cooperation, promptly resume the mechanism of the Joint Committee at the Vice-Minister of Foreign Affairs level on the sea and ocean, enhance the effectiveness of joint patrols, search and rescue at sea, as well as strengthen cooperation in preventing and combating drug trafficking and other crimes such as cybercrime, high-tech crime, economic crime, and more.

President Marcos Jr. agreed with Prime Minister Pham Minh Chinh’s proposal to promote cooperation in areas with great potential such as education and training, science and technology, tourism, culture, people-to-people exchange, and local cooperation, and encouraged the opening of more direct flights connecting famous destinations between the two countries.

Exchanging views on international and regional issues, the two leaders highly appreciated the close coordination between the two countries at regional and international forums such as ASEAN, the United Nations, APEC, ASEM, and more, emphasising the maintenance of ASEAN’s solidarity and centrality, and the joint effort to build a strong, united, and self-reliant ASEAN Community.

Regarding the East Sea issue, the two sides agreed to continue close coordination and, together with ASEAN countries and partners, uphold and implement the ASEAN Common Stance on the East Sea, ensure the full and effective implementation of the Declaration on the Conduct of Parties in the East Sea (DOC), promote negotiations, and build an effective and efficient Code of Conduct in the East Sea (COC) following international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS), and build the East Sea into a sea of peace, cooperation, and development, contributing to the stable, prosperous, and sustainable development of the region and the world.

Ha Van