Philippines, Vietnam agree to level up trade

President Rodrigo Duterte shakes hands with Vietnamese President Tran Dai Quang at the State Palace in Hanoi on September 29. KING RODRIGUEZ/ Presidential Photo

HANOI, Vietnam – President Duterte is encouraging more Vietnamese businessmen to invest as well as to consider importing more products from the Philippines.

The President made the appeal in his bilateral talks with Vietnam state president Tran Dai Quang on Thursday at the state palace of Vietnam.

Trade Secretary Ramon Lopez said both countries “agreed to really level up the trade that we have by increasing trade numbers.”

“The President invited Vietnamese corporations to invest in the Philippines. We’ll protect your investors and your investments, contracts will be honored,” Lopez told reporters.

He said that Duterte gave the assurance that Vietnamese investments will be protected, aside from providing a more conducive investment climate in the country.

There are more Philippine investors in Vietnam, citing the Universal Robina Corporation, San Miguel Corporation, Ayala Group, Jollibee, Splash, among others.

Duterte also urged the Vietnamese government to consider importing Philippine products to improve the trade balance between the two nations.

The Philippines imports around 48 percent of its rice requirements from Vietnam. For this, Duterte extended his gratitude to Vietnam for being a very reliable source of rice.

Lopez said the Philippines “has a lot of products that have great potential in the Vietnamese market,” such as food and food preparations, high value processed agriculture products, furniture, metal fabrication, etc.