Manila: The Philippines and Vietnam have announced their intention to expand bilateral trade beyond their existing USD10-billion target while enhancing cooperation in agriculture, manufacturing, and emerging industries. This development was revealed during bilateral talks held in Malaca±ang between President Ferdinand R. Marcos Jr. and Vietnamese President To Lam, as the two countries aim to elevate their relationship to an 'enhanced strategic cooperation.' This move signals a deeper commitment to improving collaboration in key areas such as defense, trade, and people-to-people exchanges.

According to Philippines News Agency, President Marcos emphasized that both nations are dedicated to fostering a more balanced and investment-friendly economic relationship, particularly in green technology, manufacturing, and the digital economy. He noted that Vietnam is currently the Philippines' 11th largest trading partner and highlighted the mutual goal of enhancing conditions for two-way investments.

"Agriculture remains a vital cornerstone of our Enhanced Strategic Partnership," President Marcos stated. He further elaborated that new pathways are being opened for collaboration in agribusinesses, seafood processing, and joint scientific research for climate-resilient farming to ensure food security for both nations.

Vietnam has become a crucial partner for the Philippines in rice supply and agricultural trade, playing a significant role in stabilizing domestic prices and mitigating supply risks in recent years. In a move to further solidify this partnership, the two Southeast Asian countries have agreed to establish a "long-term rice trade mechanism" aimed at ensuring stable supply and strengthening cooperation in food security.