Viet Nam expects to run trade surplus of over US$3 billion with Philippines
VGP - Viet Nam ran a trade surplus of US$2.7 billion with the Philippines in the first nine months and the fgure is expected to increase to over US$3 billion by the end of 2024, according to the General Department of Viet Nam Customs.
Viet Nam is forecast to run over US$3 billion of trade surplus with Philippines - Illustration photo
In January-September period, exports to the Philippines rose 20.7 percent year-on-year to more than US$4.6 billion while import volume reached US$1.9 billion.
The General Department forecasted that the bilateral trade turnover would outstrip US$8.5 this year.
Among the 35 main products exported to the Philippines, 20 recorded growth, especially rice (up 53.3 percent), coffee (up 120.7 percent), pepper (up 37.6 percent).
Viet Nam and the Philippines target to raise the two-way trade to US$10 billion by 2025 with a focus on removing trade barriers and facilitating investment in each country. The goal was reached by Vietnamese Prime Minister Pham Minh Chinh and Philippine President Ferdinand Romualdez Marcos Jr. in Ha Noi on January 30 when the two leaders co-chaired a meeting with businesses of both sides./.
