Illustration photo by congthuong.vn

According to the Ministry of Industry and Trade, trade between Vietnam and the Philippines by the end of November 2024 exceeded 8 billion USD, an impressive growth as Vietnam is looking for new directions for exporting goods to ease difficulties and pressure facing domestic manufacturing enterprises.

Rice is the biggest contributor to the impressive growth of Vietnam's export to the Philippine market this year. Rice export value in 11 months of this year reached nearly 2.5 billion USD, an increase of 57% over the same period in 2023.

Vietnamese Trade Counselor in the Philippines Phung Van Thanh said, “Efforts should be made to continue to create and maintain trust and prestige with customers in the Philippine market. Have a long-term strategy to maintain relationships with existing traditional customers, while seeking opportunities and expanding cooperation with new partners. Second, continue to diversify products, focus on high-quality rice to serve the needs of high-income consumers and also expand to low- and middle-income consumers.”

Other items of large export turnover include machinery, equipment, and spare parts. Items of large import turnover from the Philippine include computers, electronic products and components.