BUSINESS relations between the Philippines and Vietnam are seen improvng further after
Ministry of Trade Vice Minister Tran Tuan Anh declared that his country is keen on exploring investment opportunities in energy, processing, transportation and agriculture in the Philippines.
Tran, who visited Manila, also underscored the need to enhance trade, investments and economic cooperation between the two countries.
He said Vietnam is interested in importing more industrial products from the Philippines, including electronics, chemicals and fertilizers.
Tran’s visit also aimed to promote the export of rice, textile garments, seafoods and agricultural products to the Philippines.
Last week, Indonesian Vice Minister for Commerce Bayu Krishnamurti was also in Manila to discuss business opportunities with Philippine traders.
Undersecretary for Trade and Industry Adrian Cristobal Jr. said the dialogues with Vietnam focused on expanding market access particularly for flour and processed fish.
“We have been actively engaging our key Asean partners to provide greater market access for our exporters and SMEs[small and medium enterprises],” Cristobal added.
Together, the Asean member-states comprise a powerful economic bloc with a market of 608 million people, a combined income (gross domestic product) of $2,327 billion and exports to the world reaching $1,263 billion in 2012.
“The work that we have been doing in the Philippines since 2010 provides the leverage to better collaborate with other member-states toward the establishment of the Asean Economic Community. The economic argument for closer regional ties in Asean is convincing. The formation of a well-functioning, seamless market is expected to deliver economic efficiencies and attract the investments to better serve the growth prospects of Asean economies,” Cristobal said.
The Philippines’ top exports to Vietnam are fertilizers, electronic microassemblies, vegetable oils from coconut and copra and smart cards. Some Filipino-owned companies are located in Vietnam–Unilab (United Pharma Vietnam Inc.), San Miguel Brewery Vietnam, San Miguel Haiphong Glass Co. Ltd., Universal Robina Corp., Jollibee Foods, Splash International, Century Tuna, Rebisco Group, Royal Cargo and Manila Water.