Vietnam will create all favourable conditions for foreign investors, including those from the Philippines, to conduct business in Vietnam, affirmed visiting State President Truong Tan Sang.

Addressing the Vietnam-Philippines business forum, President Sang said he hoped businesses from the Philippines will make more contributions to Vietnam’s socio-economic development.

He expressed his belief that the two countries’ businesses will actively seek cooperation in fields of strength of both countries, to fully tap their advantages and bring two-way trade value beyond 3 billion USD.

Philippine businesses expressed keen interest in Vietnam, highlighted its market potential, while pledging to conduct long-term business in Vietnam on the foundation of sharing confidence and overcoming the barriers of differences in each country’s administrative mechanisms.

Also on this occasion, President Sang witnessed the signing of three cooperative agreements between the two countries’ businesses. They included a memorandum of understanding on trade and investment promotion between the Vietnam Chamber of Commerce and Industry (VCCI) and the Philippine Chamber of Commerce and Industry (PCCI), a 23 million USD cooperative agreement on rice and cashew nut imports and exports between the Long An Food Processing Export Joint Stock Company and the Mayon Development Company and a 25 million USD cooperative agreement on a food and drinks franchise between Viet Thai International Joint Stock Company and IP Ventures Inc.

At a reception given to Senate President Juan Ponce Enrile and the Speaker of the House of Representatives Feliciano Belmonte, the two countries’ leaders expressed delight at the continued strong development of their relations more than 35 years after the establishment of diplomatic ties.

Both host and guest expressed the hope that the two sides will enhance the exchange of delegations, including those of the two legislatures.

President Sang said that cooperative relations between the two NAs have recorded many encouraging results in both bilateral and multilateral frameworks.

The leaders expressed their joy at the establishment of the friendship parliamentarians groups and the first meeting held on this occasion.

They suggested the groups become operational soon, to promote the exchange among parliamentarians and the friendship between the two peoples.

President Sang suggested the two NAs enhance joint coordination to make active contributions to the development of the friendship and all-round cooperation between the two countries.

While meeting with Sang, Minister of Energy Jose Renes D. Almendras expressed admiration for Vietnam’s economic development achievements, especially in the field of oil and gas survey and exploitation, saying that he hoped Vietnam would share experience with the Philippines in this field.

Sang said he hoped the Southeast Asian nation would also share experience in the field of energy with Vietnam, especially in developing technologies and applying clean energies in transport, industrial production and rural development.

He added that Vietnam will inquire into the host country’s investment initiatives in some fields, including oil and gas exploitation and exploitation in the Philippines, for the benefit of both countries, on the basis of international and each country’s law, and especially the 1982 United Nations Convention on the Law of the Sea.

At a reception for President of the Asian Development Bank (ADB), Haruhiko Kuroda, Sang said that ADB is always Vietnam’s trustworthy and long-term partner, adding that the successful hosting of the annual 44th ADB meeting in May in Vietnam was a vivid manifestation of cooperation between Vietnam and ADB.

The State leader suggested ADB provide more support to Vietnam in the fields of environmental protection, climate change, financial and banking reform, administrative reform, and modernisation and development of state-owned enterprises, adding that he hoped ADB will continue to serve as a bridge to introduce and mobilise external resources for Vietnam.

Kuroda pledged to maintain capital and technical assistance to Vietnam, and coordinate with relevant Vietnamese agencies to effectively disburse capital for projects.

On the evening of the same day, Sang held meetings with Speaker of House of Representatives Feliciano Belmonte, Mayor of Manila Alfredo Lim, Secretary of National Defence Voltaire G. Gazmin, Minister of Transportation and Communications Mar Roxars, and Minister of Agriculture Procesco Alcala.

As part of the visit to the Philippines, Sang laid a floral wreath at the Rizal monument, inaugurated the Ho Chi Minh statute in ASEAN park in Intramuros city, visited the International Rice Research Institute./.