On President Rodrigo Duterte's official visit to Vietnam, he and Vietnam President Tran Dai Quang agreed to boost trade between their countries.
According to Trade Secretary Ramon Lopez, the Presidents of both countries have agreed to really level up the trade between them, which could cause an increase in the Philippines' trade numbers since the country still has a lot of products that have great potential in the Vietnam market.
During the meeting, Duterte and Quang agreed to develop a Joint Trade Committee between their countries to operationalize efforts to increase trade.
Trade between the two nations is mainly in the area of agriculture with Vietnam the source of 48% of the Philippines' total rice imports, said Lopez.
Though no trade agreement were signed during the meeting, Lopez assured that there is a "mutual understanding" that Vietnam will continue supplying the Philippines with its rice requirements.
Duterte also encouraged the Vietnamese to import more products from the Philippines.
Some potential Philippine products that may find a market in Vietnam are high-value agricultural products, furniture, construction materials and fabricated metals.
Duterte himself boasted about the country's high-quality furniture, said Lopez.
More and more Filipino companies are entering Vietnam. These include RC, San Miguel, the Ayala group, Jollibee, and Splash, said Lopez.
Duterte is also inviting Vietnamese investors to come to the Philippines.
Duterte also expressed his desire for the Philippines and Vietnam to exchange expertise and best practices in the fields of agriculture and education.
Both Presidents agreed to develop a Mutual Recognition Agreement on food safety, especially for products in the agriculture and fisheries sectors, a move which aims to increase trade.
Source: UPDATE.ph Philippine Daily Inquirer
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