Business

Vietnam-Philippines business forum held in HCM City

A Vietnam-Philippines business forum took place in Ho Chi Minh City on January 11 with more than 120 businesses from both countries taking part.
Vietnam-Philippines business forum held in HCM City ảnh 1Illustrative image (Source: Getty Images)
HCM City (VNA) – AVietnam-Philippines business forum took place in Ho Chi Minh City on January 11with more than 120 businesses from both countries taking part.

Speaking at the event, DeputyDirector of the Ministry of Industry and Trade (MoIT)’s Vietnam Trade PromotionAgency Bui Thi Thanh An said two-way trade between the two countries grew 11percent on average from 2008-2016.

In November 2015, Vietnam and thePhilippines established the strategic partnership, marking a step forward to promotebilateral trade and investment.

Do Quoc Hung, Deputy Director ofthe MoIT’s Asia-Pacific Market Department, said the event, held concurrentlywith a trade seminar, affords a good chance to introduce Vietnamese firms’capacity of manufacturing and goods supply to Filipino partners as well as facilitatebusiness networking.

Representative from the Ho ChiMinh City Investment and Trade Promotion Centre (ITPC) Nguyen Quoc Vinh said thecity hopes for Filipino investment in building elevated roads, improving waterquality and developing high-tech agriculture, education and health care.

A lot of incentives are availablefor foreign investors to build Ho Chi Minh City into a modern economic andtrade hub of the region, he said.

President of the Federation ofFilipino-Chinese Chambers of Commerce and Industry Inc Angel Ngu hailed Vietnamas one of the most promising ASEAN markets of the Philippines, evidenced by thesuccessful operation of Liwayway (Oishi) and Jollibee from the Philippines.

In the foreseeable future, thePhilippines wants increasing trade in farm produce, construction materials,iron and steel, office equipment, consumer goods, leather and footwear, hesaid.

Two-way trade between Vietnam andthe Philippines was estimated at 3.23 billion USD last year, up 10.8 percentannually, two-thirds of which was Vietnam’s exports to the Philippines, mostlyfarm produce, construction materials and spare parts.

Vietnam is importing machinery, officeequipment and chemicals from the Philippines.

The event was co-hosted by theMoIT, ITPC and FFCCCII.-VNA
VNA
#Vietnam-Philippines business forum #Vietnam Trade Promotion Agency #strategic partnership #investors Philippines Vietnam
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