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Vietnam - Philippines: Strengthening economic cooperation, bringing two-way trade turnover to 10 billion USD

Công LuậnCông Luận30/01/2024


On January 30, at the Government headquarters, Prime Minister Pham Minh Chinh received Philippine President Ferdinand Romualdez Marcos Jr., who is on a state visit to Vietnam.

Prime Minister Pham Minh Chinh welcomed President Marcos Jr. on his first state visit to Vietnam right before the traditional Tet holiday, contributing to promoting the friendship and multifaceted cooperation between Vietnam and the Philippines.

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Prime Minister Pham Minh Chinh received Philippine President Ferdinand Romualdez Marcos Jr. who is on a state visit to Vietnam.

At the meeting, the two sides agreed to continue to increase the exchange of delegations at all levels, sectors and localities; affirming that regular meetings between leaders of the two countries contribute to consolidating and enhancing political trust and comprehensively promoting bilateral cooperation.

The two sides also agreed to promptly and fully implement bilateral cooperation mechanisms; comprehensively review the Action Program to implement the Strategic Partnership for the 2019-2024 period, and develop a new Action Program, prioritizing new and potential areas such as digital transformation, green economic development, circular economy, climate change response, energy conversion, etc.

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View of the meeting.

The two sides discussed measures to enhance economic, trade and investment cooperation, striving to bring two-way trade turnover to 10 billion USD by 2025; creating a favorable business and investment environment, especially in areas where both sides have needs and strengths such as processing technology, infrastructure, auto support industry, renewable energy, high-tech agriculture, etc.

Regarding rice trade, the Prime Minister affirmed that this is one of the important areas of cooperation with the Philippines, not only for economic benefits but also linked to the goal of ensuring food security; he suggested that both sides effectively implement the Memorandum of Understanding on rice trade cooperation signed on this occasion.

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The Prime Minister congratulated the Philippines, under the leadership of President Marcos Jr., on continuing to achieve many great socio-economic achievements, helping the Philippines maintain GDP growth among the fastest growing countries in the region.

Regarding defense and security cooperation, the two leaders affirmed that they will continue to promote the role of the defense, security and maritime cooperation mechanism; soon resume the mechanism of the Deputy Foreign Minister-level Joint Committee on Seas and Oceans; improve the effectiveness of joint patrols, search and rescue at sea as well as strengthen cooperation in preventing and combating drugs and other crimes such as cybercrime, high-tech crime, economic crime, etc.

President Marcos Jr. agreed with Prime Minister Pham Minh Chinh's proposal to promote cooperation in areas with great potential such as education and training, science and technology, tourism, culture, people-to-people exchange, local cooperation, etc.; and encouraged the opening of more direct flights connecting famous destinations between the two countries.

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The Philippine President expressed his admiration for Vietnam's remarkable socio-economic development achievements in recent years; affirmed that the Philippines always attaches importance to and wishes to bring the two countries' strategic partnership to new heights.

Discussing international and regional issues, the two leaders appreciated the two countries' close coordination at regional and international forums such as ASEAN, the United Nations, APEC, ASEM, etc.; emphasized the need to maintain solidarity and the central role of ASEAN, and unanimously build a strong, united and self-reliant ASEAN Community.

Regarding the East Sea issue, the two sides agreed to continue to closely coordinate and, together with ASEAN countries and partners, maintain and implement ASEAN's common viewpoint on the East Sea, ensure full and serious implementation of the Declaration on the Conduct of Parties in the East Sea (DOC), promote negotiations and build an effective and efficient Code of Conduct in the East Sea (COC) in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS); build the East Sea into a sea of peace, cooperation and development, contributing to the stable, prosperous and sustainable development of the region and the world.



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