In 2024, the total import-export turnover between Vietnam and the Philippines will reach over 8.66 billion USD, an increase of more than 11% compared to 2023. Notably, Vietnam's exports to this island nation will exceed the 6 billion USD mark for the first time, reaching 6.19 billion USD (up 20.2%); while the trade surplus will reach a record 3.72 billion USD, far exceeding initial expectations.
The Vietnam Trade Office in the Philippines cited statistics from the Import-Export Department ( Ministry of Industry and Trade ) saying that 2024 witnessed a breakthrough in Vietnam's exports to the Philippines.
The most important contribution to this result was Rice products, with export turnover reaching more than 2.6 billion USD, an increase of 48.9% compared to 2023.
In addition to rice, many other items also achieved high export turnover, including: Machinery, equipment, tools and spare parts 393 million USD; clinker and cement 319 million USD; coffee 288.5 million USD; phones and components 212.3 million USD; means of transport and spare parts 200.4 million USD; computers and components 186.6 million USD.
Other items such as textiles, seafood, footwear, iron and steel and chemical products also recorded stable growth, contributing to total export turnover.
This is a good sign in the context that Vietnam is looking for new directions for exporting goods, helping to reduce difficulties and pressure for domestic enterprises.
The impressive results above come not only from the efforts of businesses but also from a methodical and effective trade promotion strategy.
Under the close direction of the Ministry of Industry and Trade, the Vietnam Trade Office in the Philippines has implemented many practical programs to promote Vietnamese products, including organizing fairs, exhibitions, goods weeks, seminars and trade promotion conferences.
These activities have contributed to raising awareness among Philippine businesses and consumers about the quality of Vietnamese goods.
At the same time, Vietnamese enterprises also have the opportunity to access and better understand the needs. Philippine market to build appropriate strategies, thereby effectively exploiting the potential of bilateral cooperation.
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