PHL, Vietnam to level up bilateral trade

The Philippines and Vietnam have agreed to further beef up its bilateral trade during the first official visit of President Rodrigo Duterte here.

In a press briefing on Thursday, September 29, Department of Trade and Industry (DTI) Secretary Ramon Lopez said that both President Duterte and his counterpart, Vietnamese President Tran Dai Quang, have agreed to further strengthen bilateral ties.

"The good thing here is that both sides, the Presidents of both countries, Philippines and Vietnam, have agreed to really level up the trade that we have. In other words, increase the trade numbers that we have," Lopez said.

During his two-day official visit here, President Duterte urged Vietnam to increase its investments in the Philippines.

"We're happy that the President also mentioned inviting Vietnamese investors to come to the Philippines," Lopez said.

Lopez said there are currently more Filipino investors entering Vietnam.

Lopez noted that Vietnamese investors may be interested in putting up businesses in the country, particularly in areas of food and food preparations and furniture, among others.

"We have a lot of new potentials for exportation to Vietnam to improve the trade balance," he said.

Lopez also said that President Duterte has assured Vietnamese businessmen that their investments will be protected and contracts will be honored when they invest in the Philippines.

"Essentially, the President is providing the assurance that investments will be protected as well as providing a more conducive investment climate in the country," Lopez said.

Lopez meanwhile said President Duterte thanked Vietnam for providing a good environment for the Filipino workers here in Vietnam, saying that the President has guaranteed the same for Vietnamese nationals who intend to work in the Philippines.

In the area of food safety, Lopez said President Duterte has mentioned possible mutual recognition of food safety requirements especially in agriculture, aquaculture, fishing, and marine resources.

Source: Philippine Information Agency

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