Economic Cooperation Between Vietnam and the Philippines in 2025

Trade Goals and Agreements

• Vietnam and the Philippines have set a target to elevate their trade turnover to US$10 billion by 2025.

• This goal was established during a meeting between Vietnamese Prime Minister Pham Minh Chinh and Philippine President Ferdinand Marcos Jr. in January 2024.

• Both countries are committed to creating a favorable business environment, particularly in sectors like renewable energy, hi-tech agriculture, and infrastructure.

Key Areas of Cooperation

• Agriculture: The two nations are focusing on expanding trade in agricultural products, including rice, which is vital for food security.

• Maritime Cooperation: There is an emphasis on enhancing maritime security and cooperation, including joint patrols and search and rescue operations.

• Cultural Exchanges: Initiatives such as art workshops and cultural performances are being organized to strengthen people-to-people ties.

Strategic Partnership and Future Plans

• 2025 marks the 10th anniversary of the Strategic Partnership between Vietnam and the Philippines, with plans for various commemorative activities.

• Both countries are also preparing for the 50th anniversary of diplomatic relations in 2026, coinciding with the Philippines' ASEAN chairmanship.

• Discussions are ongoing to develop a new action program for the 2025-2030 period, focusing on digital transformation and climate change response.

Recent Developments

• The Philippines is looking forward to more active trade and investment cooperation, with expectations for increased Vietnamese business presence in the Philippines.
• Joint exercises between the coast guards of both nations have been successfully conducted, enhancing defense ties.
• The Philippines aims to host significant bilateral meetings and symposiums in 2025 to further solidify cooperation in various fields.