Vietnam established diplomatic relations with the Philippines 35 years ago. The State visit by President Truong Tan Sang to the Philippines late October has promoted the bilateral relations and set the foundation for the development in the years to come. The two sides will work hard to bring the trade value to US$3 billion or more by 2016.
According to the statistics, since 2008, Vietnam gained a trade surplus of over US$1 billion a year mainly in rice. Rice makes up 50-60 percent of export value, some 1.5 million tonnes a year. Vietnam also exports to the Philippines electronic parts and agricultural produce and imports in return fertilizer, machines and parts, minerals, LPG, petroleum, pharmaceuticals and building materials. In the first 8 months of 2011, Vietnamese exports to the Philippines increased markedly in value: Chemicals US$28 million, up 184.9 percent against the same period last year and 2.7 percent of the total value; steel US$39 million, up 119 percent against the same period last year and 3.7 percent of the total value. The Philippines is a strategic partner of Vietnam. The potential areas of the two countries are: energy, oil and gas, coal, mineral, tourism, education, farming machines, agricultural produce, construction, investment and finance.
In the framework of the visit, VCCI, Vietnamese Embassy and Commercial Section in Manila together with the Philippines Chamber of Commerce and Industry (PCCI) organized successfully Vietnam-Philippines Business Forum attracting the participation of 500 businesses and officials of related ministries of the two countries. On behalf of Vietnamese businesses, VCCI Vice President Doan Duy Khuong presented the development of bilateral trade and investment and cooperation prospect within ASEAN. Businesses of the two countries discussed on cooperation opportunities especially in energy, tourism, education and training.
Business communities of the two countries had also a dialogue with President Truong Tan Sang. The President answered to the questions raised by the businesses on the future cooperation and investments, the establishment of Organization of rice export countries (OREC), the equitization of State-owned enterprises in Vietnam and possible participation of foreign companies in equitized enterprises and the building of nuclear power station in Vietnam. The President reaffirmed the policy to welcome Philippine investors in Vietnam.
On the same occasion, VCCI signed with PCCI a cooperation agreement; Long An Processing and Export Company signed with Mayon Development Company an agreement on import-export of rice and cashew nut worth US$23 million; Viet Thai International JSC signed with IP Venture JSC on franchise agreement in foods and coffee worth US$25 million. Those agreements will strengthen the relationship between the two countries in the coming years.
In addition to special sessions on business and investment environment, Business-to-Business (B2B) meetings were organized between businesses of the same industries to ensure efficient partnership. All businesses had the opportunities for match-making and future cooperation.
To attract Philippine investment in the years to come, Vietnam will improve business and investment environment and encourage Vietnamese small and medium sized enterprises in their cooperation with Philippine partners so that they can expand to regional and world markets.
With common conditions in economy and culture, neighborhood and members of ASEAN, Vietnam and the Philippines will continue to develop their fruitful cooperation. Plan of Action 2011-2016 will serve as the legal foundation for related ministries and agencies of the two countries to develop cooperation in their respective fields. The target of US$3 billion is quite feasible.
Huyen-Ha
Vietnamese
