Participants of the event (Photo: VNA) Hanoi (VNA) – Vietnamese firms introduced their capacity for producingmachinery and electrical products to Philippine partners during a business networkingevent in Hanoi on April 5.
NguyenPhuc Nam, deputy head of the Asian-African market development development underthe Ministry of Industry and Trade (MoIT), said the event offered a chance forbusinesses of the two countries to cooperate, contributing to boostingVietnam’s exports to the Philippines.
Overthe past few years, bilateral trade has enjoyed notable strides, with revenueexceeding 4.7 billion USD in 2018, up 18 percent year-on-year, according to LeHoang Tai, deputy head of the MoIT’s Department of Trade Promotion.
ThePhilippines is Vietnam’s fifth largest trade partner in the Association ofSoutheast Asian Nations (ASEAN), after Thailand, Malaysia, Indonesia andSingapore. It has been seen as one of Vietnam’s most promising markets inrecent years.
Statisticsshow that Vietnam’s export turnover to the country reached 3.5 billion USD lastyear, up 22.2 percent against 2017.
Inthe first two months of this year, Vietnam’s import-export value to thePhilippines hit 803 million USD, a rise of 18.3 percent compared with the sameperiod last year, of which export revenue was 587.3 million USD, up 19.17percent year-on-year.
Taisaid that many Vietnamese products like coffee, seafood, garment-textiles,construction materials, and machinery and equipment, have gained a foothold inthe Philippine market of 107 million people.
Headded that Vietnam holds huge potential for exports to the economy – whichranks fifth in ASEAN – especially in electrical equipment, power lines, andcables.
HeroYu, President of the Federation of Electrical and Electronics Suppliers andManufacturers of the Philippines Inc. (PESA) and General Director of Yu Eng KaoElectrical Supply and Hardware Inc., said that the 12 PESA businessesparticipating in the event hope to seek suppliers of machinery and electricalproducts in Vietnam.
Duringthe business matching event, the PESA and the Vietnam Electrical IndustryAssociation (VELINA) signed a memorandum of understanding on cooperation in theelectricity sector. –VNA
NguyenPhuc Nam, deputy head of the Asian-African market development development underthe Ministry of Industry and Trade (MoIT), said the event offered a chance forbusinesses of the two countries to cooperate, contributing to boostingVietnam’s exports to the Philippines.
Overthe past few years, bilateral trade has enjoyed notable strides, with revenueexceeding 4.7 billion USD in 2018, up 18 percent year-on-year, according to LeHoang Tai, deputy head of the MoIT’s Department of Trade Promotion.
ThePhilippines is Vietnam’s fifth largest trade partner in the Association ofSoutheast Asian Nations (ASEAN), after Thailand, Malaysia, Indonesia andSingapore. It has been seen as one of Vietnam’s most promising markets inrecent years.
Statisticsshow that Vietnam’s export turnover to the country reached 3.5 billion USD lastyear, up 22.2 percent against 2017.
Inthe first two months of this year, Vietnam’s import-export value to thePhilippines hit 803 million USD, a rise of 18.3 percent compared with the sameperiod last year, of which export revenue was 587.3 million USD, up 19.17percent year-on-year.
Taisaid that many Vietnamese products like coffee, seafood, garment-textiles,construction materials, and machinery and equipment, have gained a foothold inthe Philippine market of 107 million people.
Headded that Vietnam holds huge potential for exports to the economy – whichranks fifth in ASEAN – especially in electrical equipment, power lines, andcables.
HeroYu, President of the Federation of Electrical and Electronics Suppliers andManufacturers of the Philippines Inc. (PESA) and General Director of Yu Eng KaoElectrical Supply and Hardware Inc., said that the 12 PESA businessesparticipating in the event hope to seek suppliers of machinery and electricalproducts in Vietnam.
Duringthe business matching event, the PESA and the Vietnam Electrical IndustryAssociation (VELINA) signed a memorandum of understanding on cooperation in theelectricity sector. –VNA
VNA
