Strengthening cooperation and connecting the two economies of Vietnam and the Philippines

On the afternoon of January 30, in Hanoi , Philippine President Ferdinand Marcos Jr. and Prime Minister Pham Minh Chinh co-chaired a meeting with typical businesses of the two countries. Also attending were representatives of leaders of ministries and sectors of Vietnam and the Philippines.

Meeting scene. Photo: VNA

This is an opportunity for typical businesses of the two countries to exchange with the heads of the two governments to share information, suggest new and more creative directions, contribute to creating a favorable business environment, attract investment, and develop the economies of the two countries. Regarding investment, the Philippines is the 31st investor out of 144 countries and territories investing in Vietnam. At the same time, bilateral trade turnover has increased more than 3 times in the past 13 years, from 2.5 billion USD in 2010 to 7.8 billion in 2022 and remained at 7.8 billion USD in 2023, despite adverse fluctuations in the global market...

Philippine President Ferdinand Marcos Jr. and Prime Minister Pham Minh Chinh co-chaired the meeting. Photo: VNA

In his opening remarks, Prime Minister Pham Minh Chinh emphasized that the two sides had a successful meeting; especially promoting cooperation between the two business communities, promoting investment and people-to-people exchanges; this is an opportunity to listen to what we have done, what we have not done, and propose solutions for the further development of bilateral economic, trade and investment relations. The setting of general directions is the responsibility of the leaders, but the creation of material wealth is the responsibility of the businesses of both sides. Therefore, the governments of the two countries hope that businesses will speak up, share their impressions, feelings, concerns and worries.

Prime Minister Pham Minh Chinh speaks at the meeting. Photo: VNA

In his speech, Philippine President Ferdinand Marcos Jr. emphasized his thanks to the Prime Minister for hosting this meeting, which allowed him to share information and initiatives on political, economic, diplomatic and business issues. This event aims to emphasize the promotion of economic cooperation between the two countries. Our two countries have a close, strategic relationship; Vietnam is very close to the Philippines and this visit contributes to strengthening the already strong relationship. We are in the process of important regional and international economic integration, which needs to be expanded to the field of innovation for sustainable development together, bringing benefits to the two countries and the region.

Philippine President Ferdinand Marcos Jr. speaks at the meeting. Photo: VNA

The President also expressed his gratitude to the Vietnamese Government for supporting Philippine businesses investing in Vietnam with open and transparent policies; stating that the two countries are making efforts to further increase investment flows. The President expects and is optimistic that Philippine businesses will increase investment flows into Vietnam, which is developing dynamically, contributing to the strategic partnership; hoping that Vietnamese businesses will see the Philippines as a potential market, hoping to meet Vietnam's production needs.

The President also thanked the State and people of Vietnam for their warm welcome during his visit; he assessed that this meeting demonstrated the spirit of friendship and cooperation in the future. This is a good opportunity for us to share new investment trends and investment orientations in the coming time, and at the same time make proposals to improve the effectiveness of cooperation, aiming at the common success of businesses in each country.

At the meeting, representatives of Philippine businesses expressed excitement about the cooperation between the two countries, highly appreciated the investment and business environment in Vietnam; expressed interest and desire to increase investment in Vietnam in the fields of tourism, healthcare, pharmaceuticals, agriculture... Hope the Vietnamese Government will create more favorable conditions to help Philippine businesses expand their business.

Representatives of Vietnamese enterprises expressed their desire to explore investment cooperation opportunities in the Philippines in areas such as electric cars, telecommunications, agriculture, food, clean food, herbs, tourism, resorts, opening air routes connecting the two countries, and strengthening cooperation in emerging areas such as digital transformation, green transformation, and circular economy. Vietnamese enterprises also hope that the Philippine Government will support these cooperation ideas and projects.

Concluding the meeting, Philippine President Ferdinand Marcos Jr. stated that the economies of Vietnam and the Philippines are developing very dynamically. We can clearly see that the governments and business representatives of the two countries need to be closer to each other; the two countries need to strengthen political cooperation and business community cooperation; the two countries share many similarities and are natural partners; they can compete but cooperate with each other to narrow the gap.

The two governments play a role in promoting cooperation; he is pleased that the Vietnamese business community is developing rapidly and has plans to invest and do business in the Philippines. Public-private partnership channels have prospects for success ahead. The two governments are willing to listen to the opinions of the business community to create a more favorable business environment.

Prime Minister Pham Minh Chinh and President Ferdinand Marcos Jr. took souvenir photos with the business communities of the two countries.

Prime Minister Pham Minh Chinh and President Ferdinand Marcos Jr. take souvenir photos with the business communities of the two countries. Photo: VNA

For his part, Prime Minister Pham Minh Chinh thanked the President of the Philippines and the business communities of the two countries for being present at this friendly meeting to frankly share their thoughts; raise concerns and worries to make further efforts. The Prime Minister highly appreciated the role of President Ferdinand Marcos Jr. in promoting and creating conditions for Philippine businesses to develop, contributing to the common achievements of the country; creating conditions and opportunities for businesses of the two countries to approach each other more. Through the President's comments, the Prime Minister saw the inspiration and motivation for businesses of the two countries to develop, connecting the two economies.

Prime Minister Pham Minh Chinh stated that, through the opinions of businesses, economic, trade and investment cooperation between the two countries has achieved certain achievements, but compared to the different potentials, outstanding opportunities and competitive advantages of the two countries, it is not commensurate, and even less commensurate with the relationship between the two countries over the past decades and there is still much room for improvement.

The two countries increasingly trust and understand each other, so it is necessary to continue to renew old, traditional driving forces such as investment, trade, consumption, etc.; at the same time, add new driving forces for development such as digital transformation, green transformation, and climate change response; especially the two sides can complement each other in the field of trade; we must compete to improve the quality of products, services, and activities to meet integration requirements and higher demands of the people; cooperate to create common strength for national development. This is a new point that both sides need to exploit.

Vietnam is always ready to listen to the opinions of foreign investors in general, including Philippine businesses.
Prime Minister Pham Minh Chinh

The Prime Minister affirmed that regarding the concerns and worries of both sides, we will facilitate faster licensing, create opportunities for businesses to connect more conveniently; review technical barriers, remove unreasonable ones, or continue to listen to comments for adjustment. Vietnam encourages Philippine businesses to invest in Vietnam in the infrastructure sector, areas of strength.

Both sides can support each other with the items they need. Vietnam is always ready to listen to the opinions of foreign investors in general, including Philippine businesses. The Prime Minister assigned relevant ministries and sectors to promptly handle requests from Philippine businesses, to create development space for businesses of both countries.

Once again thanking President Ferdinand Marcos Jr. and the business communities of the two countries, the Prime Minister emphasized that we have no reason to hinder cooperation and connection between the two countries. This is a requirement and goal for development, therefore, the Prime Minister hopes that the two economies will connect more with each other; whatever remains, the two sides will continue to cooperate to resolve...

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