Prime Minister Pham Minh Chinh speaks at the meeting between businesses of the two countries.

Also attending the meeting on the Vietnamese side were Minister of Planning and Investment Nguyen Chi Dung; Minister of Industry and Trade Nguyen Hong Dien; leaders of the Ministries of Foreign Affairs, Agriculture and Rural Development; Government Office; Vietnamese Ambassador to the Philippines Lai Thai Binh .

On the Philippine side were Foreign Affairs Secretary Enrique A. Manalo; Agriculture Secretary Francisco T. Laurel; Trade and Investment Secretary Alfredo E. Pascual; Presidential Liaison Office Chief Cheloy Velicaria Garafil; National Security Council Chairman Eduardo M. Ano; Presidential Adviser on Investment and Economic Affairs Frederick D. Go; Philippine Ambassador to Vietnam Meynardo LB. Montealegre.

Notably, the meeting was attended by many Vietnamese and Philippine businesses in the fields of infrastructure development, trade, real estate, automobile industry, aviation, information technology, food, energy, pharmaceutical industry, education and training...

At the meeting, delegates heard an introduction to the socio-economic development situation of each country; results of investment and business cooperation between the two countries in recent times; shared about new investment trends and investment orientations in the coming time.

Philippine President Ferdinand Marcos Jr. speaks at a meeting of businesses between the two countries.

Enterprises also openly discussed policies and solutions to enhance investment cooperation in economic sectors; made proposals to improve the effectiveness of cooperation, investment and business, aiming at the common success of enterprises in each country.

In particular, Philippine enterprises highly appreciate the potential and wish to cooperate with Vietnamese enterprises in the production of electric cars in the Philippines; participate in infrastructure development in Vietnam; cooperate with Vietnam in the fields of telecommunications, energy, as well as in the fields of food, pharmaceuticals, agriculture, retail, etc.

Vietnamese businesses wish to cooperate in the digital and green transformation process in the Philippines; cooperate in the field of dual-use high-tech industry; food production and processing. Vietjet Air said it will soon open a flight route connecting the Philippines and Vietnam...

Leaders of ministries and sectors of the two countries reviewed the investment cooperation situation between the two countries in recent times; highlighted the potential and strengths of cooperation between the two countries; introduced mechanisms and policies and answered proposals and recommendations from the business communities of the two countries.

Appreciating Prime Minister Pham Minh Chinh’s initiative to organize this meeting with businesses of the two countries, Philippine President Ferdinand Romualdez Marcos Jr. spoke at the meeting, thanking Vietnam for its warm welcome to the delegation, in the spirit of friendship, cooperation, and looking towards the future; saying that his visit this time will contribute to strengthening the close, intimate, strong, and strategic relationship between the two countries.

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

Appreciating the open policy and active support of Vietnam for businesses of both countries, the President believes that Philippine businesses will continue to cooperate and expand investment in Vietnam - a dynamically developing country and Vietnamese businesses also see the Philippines as a very potential market for investment and business cooperation. Therefore, he suggested that the two sides continue to develop traditional economic and trade cooperation areas, especially agriculture and other non-traditional areas such as mining, green technology investment, transportation and technology connectivity, etc.

Prime Minister Pham Minh Chinh and Philippine President Ferdinand Marcos Jr. with businesses from both countries

President Ferdinand Romualdez Marcos Jr. acknowledged Vietnam's concerns about the Philippines' defense measures and technical barriers and said that the two countries are in a very dynamic economic context in the region; the two countries are natural partners, both competing and cooperating, and need to create a more favorable business environment for business cooperation; it is necessary to promote cooperation at the levels of Government, business, public-private partnership... between the two sides.

Speaking at the meeting, Prime Minister Pham Minh Chinh highly appreciated the role of President Ferdinand Romualdez Marcos Jr. in the socio-economic development of the Philippines, including promoting and creating conditions for Philippine businesses to develop; especially creating conditions, creating new motivation, and inspiring businesses of the two countries to approach, cooperate, and connect the two economies.

Business sharing at the event

According to the Prime Minister, after nearly 50 years of establishing diplomatic relations and nearly 10 years of establishing a strategic partnership, the Vietnam-Philippines cooperative relationship is developing well and achieving results in many fields; it is an important foundation, creating motivation and confidence for businesses of the two countries to expand investment, business, and promote investment and trade cooperation. However, the economic, trade and investment relations between the two countries are not commensurate with the potential, opportunities, advantages and political relations between the two countries; there is still much room for further promotion.

“Political trust is increasing, the two sides understand each other better and have more experience to cooperate; especially there is nothing that hinders cooperation between the two sides,” the Prime Minister pointed out.

Therefore, the Prime Minister suggested that both sides renew old cooperation drivers in investment, trade, consumption, etc. and add new cooperation drivers such as digital transformation, green transformation, and climate change response; continue to promote cooperation in areas that are strengths of one side and needs of the other.

Believing that the two economies can connect and complement each other, agreeing with the Philippine President's views on cooperation and competition, Prime Minister Pham Minh Chinh said that the two sides need to compete to improve the quality of products, goods and services, meet the increasingly high demands of consumers and cooperate with each other to create common strength.

According to VNA