In the Philippine-Vietnam Business Forum, Secretary Domingo highlighted Philippine-Vietnam bilateral trade relations and hope for more mutually beneficial partnerships to be formed by two countries. (DTI-PRO)
Department of Trade and Industry (DTI) Secretary Gregory Domingo assured Vietnamese business community that Philippines will expand its trade relations with Vietnam.
In the Philippine-Vietnam Business Forum, Secretary Domingo highlighted Philippine-Vietnam bilateral trade relations and hope for more mutually beneficial partnerships to be formed by two countries.
Secretary Domingo noted Vietnam as Philippines’ 12th largest trading partner, with total bilateral trade amounting to US$ 2.17 billion on 2010, and hopes to increase bilateral between Philippine and Vietnam. “We are optimistic that with your commitment, we will achieve more trade between our countries in the years to come.” Sec. Domingo said.
Philippines’ top exports to Vietnam include mineral and chemical fertilizers, cathodes and sections of cathodes, chewing gum, diodes, paper, wiring harness for motor vehicles, gas oil and fuel, banana chips, and crackers, while major imports include semi milled rice, assembled printed circuits, single yarn, Arabica coffee, machinery parts, silica sands and quartz sands.
Secretary Domingo also cited the country’s role to Vietnamese economy. The Philippines ranked 25th in Vietnam’s largest trade partners, with 55 Philippine companies and investments worth US$275 million.
To boost bilateral trade between Philippines and Vietnam, Secretary Domingo said the DTI will facilitate and coordinate inbound and outbound trade missions between the two countries to create awareness on Philippine and Vietnam’s product. He also said the Philippines will also participate in trade fairs and exhibitions to create networks.
The DTI will also reactivate the Philippine-Vietnam Business Council to update businessmen on market developments and tap existing potentials in the market. The Philippines will also cooperate in the exchange of experience in management and support for businesses particularly the SMEs.
Secretary Domingo also urged the Vietnamese businessmen to invest in our country. “We encourage you to go ahead and invest in the Philippines, you will discover exciting opportunities in many areas including information and communication technology, mining, renewable energy, manufacturing, agricultural infrastructure, steel production, and tourism.” he said.
Moreover, Secretary Domingo guaranteed Vietnamese delegation to provide a better environment to make it easier for them to do business in the Philippines. Public Relations Office, Department of Trade and Industry