Vietnam-Philippines relations have seen remarkable developments in many areas in recent years.
On Nov. 17, 2015, Vietnam and the Philippines elevated their bilateral relations to a strategic partnership. This has since paved the way for stronger cooperation in political affairs, which have also been consolidated through the regular exchange of delegations and visits between both governments, ministries, provinces, and institutions as well as people-to-people contacts.
This year marks the 45th anniversary of the establishment of diplomatic relations between the two countries.
The economic cooperation between the two countries has also enjoyed positive developments through the yearly increase of bilateral trade. From just $541 million in 2000, trade rose to $5.32 billion in 2020.
In the first five months of 2021, despite the COVID-19 pandemic, trade continued to rise, reaching $1.69 billion. Vietnam and the Philippines are currently each other ’s fifth-largest trading partners within ASEAN.
It is an increasingly encouraging sign to see more and more Filipino enterprises investing in Vietnam. As of the end of May 2021, Filipino companies were investing a total of $328 million in Vietnam, ranking 27th out of 126 nations and territories investing in Vietnam.
Vietnamese investors are also looking forward to exploring potential opportunities in the Philippines. The Vietnam-Philippines Joint Trade Committee (JTC) is currently the main mechanism for boosting bilateral economic cooperation.
This story is from the September 02, 2021 edition of The Philippine Star.
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This story is from the September 02, 2021 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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