Hanoi (VNA) – Vietnam’s trade with the Philippines has reached an impressive milestoneꦕ, with turnover exceeding 8.6 billion USD in 2024, up 11% year-on-year, according to the Ministry of Industry and Trade’s Agency of Foreign Trade.

Of note, Vietnam shipped 6.19 billion USD worth of products to the archipelago nation for the first time, up 20.2% from 2023, while recording a 6.7% drop in imports to 2.47 billion USD. As a result, it enjoyed a trade surplus of 3.72 billion USD as compared to the set target of 3.5 billion USD. Phung Van Thanh, a trade counsellor at the Vietnamese Trade Office in the Philippines, noted that prior to the COVID-19 pandemic, bilateral trade had been relatively stagnant. However, recent strategic efforts in market promotion and increased awareness of market potential have transformed trade dynamics. Rice emerged as a standout export commodity last year, accounting for over 2.6 billion USD, surging 48.9% year-on-year. Other significant export categories included machinery, equipment and spare parts (393 million USD), clinker and cement (319 million USD), coffee (288.5 million USD), telephones and components (212.3 million USD), and transport vehicles and spare parts (over 200.4 million USD). Experts said although the Philippines, boasting a developing economy and diverse consumption demand, is an attractive destination for Vietnamese exporters, the shipment portfolio remains limited to 35 categories, with farm produce dominating. Additionally, competition pressure with such rivals as Thailand, China and India has also posed challenges to market entry. They suggested Vietnamese firms diversify their offerings, work to meet strict food safety and environmental regulations of the Philippines, and bolster promotion activities to expand market penetration. Besides, businesses should invest in technology, product innovation, and brand building to strengthen their market position and consumer trust in this market./.