The Philippines is aiming to increase its bilateral trade with Vietnam to $10 billion, President Ferdinand ”Bongbong” Marcos Jr. said on Tuesday.
”On economic cooperation, I could see countless opportunities for our two countries. The Philippines remains steadfast in improving and strengthening our economic, trade, and investment relations with Vietnam. It is also our hope to increase our bilateral trade to $10 billion by exploring other potential areas,” Marcos said during his bilateral meeting with Vietnamese President Vo Van Thuong.
Marcos said the country’s bilateral trade stands at about $7 billion at present.
Marcos mentioned that his administration is working closely with the Vietnamese government in streamlining trade procedures in a bid to improve the country’s business environment.
”We hope to capitalize on our countries’ ratification of the [Regional Comprehensive Economic Partnership] RCEP to maintain the upward trend in our trade,” Marcos said.
”The Philippines is eager to work closely with Vietnam in streamlining our trade and investments procedures and requirements, minimizing trade barriers, and fostering a transparent and predictable business environment that encourages fair competition and mutual growth and development,” he said.
Marcos said the Philippines is also dedicated to developing a circular economy that will reduce further consumption of natural resources and develop an alternative method to current plastic waste management approach.
He added that the government is hoping for the full implementation of the ASEAN Framework for Circular Economy, starting with different sectors depending on each country’s circumstances.
Earlier, Vietnam committed to a five-year rice trade agreement with the Philippines.
Marcos stressed that Vietnam remains the sole strategic partner of the Philippines in the ASEAN region.
Philppines and Vietnam also agreed to boost cooperation among their coastguards and to prevent untoward incidents in the South China Sea. —VAL, GMA Integrated News
