Manila: Vietnam President To Lam on Monday rallied the private sector to tap into the opportunities Vietnam and the Philippines have to offer as he conveyed Hanoi's readiness to work and strengthen the two nations' economic ties. Speaking at the Vietnam-Philippines Business Forum in Manila, the visiting Vietnamese leader said it is high time that the Hanoi-Manila economic relations be 'elevated to a greater height.'
According to Philippines News Agency, for the past decade since the two states upgraded ties, Lam said the Vietnam-Philippine cooperation has witnessed growth across fields, including security, trade and investment, and people-to-people exchanges. He emphasized that business communities and the government from both states must collaborate to further improve trade and two-way investments, especially in sectors such as agriculture, fisheries, consumer goods, digital economy, and logistics.
Hanoi, for its part, Lam said, would continue creating the 'best possible condition' and business climate for investors eyeing opportunities in Vietnam. Earlier, President Ferdinand R. Marcos Jr. and Lam agreed to find ways to surpass the two nations' USD10 billion bilateral trade target and 'attain a balanced trade relationship.' The leaders encouraged the expansion of two-way trade opportunities, improved market access, reduced trade and investment barriers, and more high-level exchanges.
The two leaders also acknowledged the need to continue work on regional economic integration and cooperation under the framework of the Association of Southeast Asian Nations (ASEAN). Lam conducted a state visit to the Philippines from May 31 to June 1, during which the two states upgraded their ties to an Enhanced Strategic Partnership.
Also signed on the sidelines of his visit were 15 memoranda of understanding (MOU) between companies and organizations from both states. These include partnerships between the Philippines and Vietnam's Chamber of Commerce and Industry (PCCI and VCCI), PV Gas and Petreon Corporation, as well as collaborations involving Vietnam Airlines, Saigontourist, Department of Tourism, Trip.com, and Philippine Airlines.
Philippine Chamber of Commerce and Industry President Ferdinand Ferrer remarked that these deals signal 'confidence in the vast potential' of the Philippines and Vietnam's trade and technology development. He highlighted sectors such as energy, green transition, tourism, and aviation, health care and education, agriculture, telecommunication, transportation, electric vehicles, and artificial intelligence as key areas for growth.
In a separate interview, Ferrer noted that the PCCI is coordinating with the VCCI to organize and deploy at least three business missions following Lam's high-level visit.
