Phl-Vietnam trade seen to hit $3B by 2016

MANILA, Philippines - Bilateral trade between the Philippines and Vietnam is expected to balloon to $3 billion by 2016.

Speaking at the Vietnam-Philippines Business Forum at Hotel Sofitel Philippine Plaza, Vietnamese President Truong Tan Sang said they expect bilateral trade between the two countries to expand to $3 billion by 2016. Trade Secretary Gregory L. Domingo said the trade between the two countries amounts to $2.17 billion.

Vietnam is the Philippines 12th trading partner with shipments worth $2.1 billion. The top exports of the Philippines are minerals, fertilizer, cathodes, newsprint and wire harness.

Out of the 500,000 companies in Vietnam, 55 are Filipino owned. In fact, the Vietnamese president had one on one meetings with big Filipino businessmen like Ramon Ang and Tony Tan Cak Tiong. The 55 Filipino companies in Vietnam have registered capital of $275 million making the Philippines the 25th top foreign investor. Local firms that are already in Vietnam are San Miguel Corp., Jollibee and Liwayway Marketing, maker of Oishi food products.

During the business forum yesterday IP Ventures Inc and Viet Thai International Joint Stock signed a letter of intent for a $25-million investments for the rights to distribute Highlands Coffee Brand.

Also yesterday, a memorandum of understanding (MOU) between the Vietnam Chamber of Commerce and Industry (VCCI) and the Philippine Chamber of Commerce and Industry (PCCI) was signed in order to further strengthen trade relations between the two countries.

Under the agreement, the parties shall regularly exchange information and review on expansion of trade between two parties’ members and the two countries. Likewise, the parties agree to support and encourage exchange of trade and delegations and missions as well as visits of businessmen either individually or in groups between the two countries.

The parties also agreed to assist each other in the participation in trade fairs, exhibitions and expositions held in either countries. The MOU was signed by PCCI President Francis Chua and VCCI Executive Vice President Doan Duy Khuong.

“We believe that by working closely with VCCI we can deepen our bond and grow our economies to the next higher level,” Chua said.