Vietnamese and Philippine businesses encouraged to fully tap into market potential

President Marcos Jr. emphasized that the Vietnam - Philippines strategic partnership needs to be further expanded among businesses, especially in the field of innovation towards sustainable development, bringing practical benefits for the two countries, and for peace, stability, cooperation and development in the region.

He appreciated Vietnam’s open policy and active support to the two countries’ businesses, and expressed his hope that Philippine businesses would continue to cooperate and expand investment in Vietnam - a developing economy in the region, and in turns Vietnamese businesses would consider the Philippines as a potential market for investment and business cooperation.

He suggested that the two sides continue to enhance economic and trade cooperation, especially in agriculture and other non-traditional fields such as mining, green technology investment, transport connectivity, and technology.

President Marcos Jr. acknowledged Vietnam’s concerns about trade defense measures and technical barriers, but said the two countries, as dynamic and highly competitive economies in the region, should create a more favourable environment for business cooperation, and promote cooperation at both the Government and business levels, as well as public-private cooperation.

Prime Minister Chinh for his part said the positive development of the strategic partnership between the two countries over the years serves as an important foundation, creating motivation and trust for businesses of the two countries to expand investment and trade cooperation. However, he admitted that bilateral economic, trade and investment cooperation is not commensurate with the two countries’ potential, and that there is still plenty of room to further enhance such cooperation moving forward.

Bilateral relations are developing positively based on a high level of political trust, mutual understanding and a wealth of experience acquired in cooperation, said the PM, adding there is nothing hindering cooperation between the two sides. He then proposed that the two sides work together to increase cooperation in investment and trade, and expand cooperation into new fields such as digital transformation, green transformation, and climate change response.

The PM proposed that the two sides resolve pending problems and remove unreasonable technical barriers to facilitate business connectivity.

The Government of Vietnam always accompanies and creates favourable conditions according to the law for Philippine businesses to operate successfully in Vietnam, he stressed.

He expected that the two sides would organize more meetings and exchanges to promote economic connectivity, helping to realize high-level agreements within the framework of the Vietnam-Philippines strategic partnership.

At the meeting, Philippine businesses expressed their desires to boost cooperation with Vietnamese counterparts in producing electric vehicles in the Philippines, engage in infrastructure development projects in Vietnam, and cooperate with Vietnam in the fields of telecommunications, energy, food processing, pharmaceuticals manufacturing, agriculture, and retail services.

Meanwhile, Vietnamese businesses expected to engage in digital and green transformation projects in the

Philippines, and ramp uo cooperation with their Philippine counterparts in the field of dual-use high-tech industry, and food production and processing. A representative of Vietjet Air announced that the airline would soon open a flight connecting the Philippines and Vietnam.

Source:VOV