MANILA -- President Ferdinand R. Marcos Jr. invited on Tuesday Vietnamese businesses to consider the Philippines as an investment destination for their expansion plans covering various areas.
“I encourage the esteemed Vietnamese businesses to look to the Philippines as their partner for expansion,” President Marcos said in his remarks during a working luncheon with both Vietnamese and Filipino businessmen, hosted by Prime Minister Pham Minh Chinh.
“The Philippines can serve as a secondary location in support of your manufacturing operations in Viet Nam, especially in key sectors such as energy, infrastructure, automotive, and services,” Marcos said.
The President welcomed on Monday the offer of VinGroup Company of Viet Nam in investing in the Philippines, particularly in electric vehicle (EV) battery production, which he said is timely because the country is currently modernizing its public transportation.
Marcos, who is on a two-day state visit to Viet Nam, also expressed gratitude for Viet Nam’s continued support to Filipino companies, hoping they could further grow their businesses in Viet Nam, thereby fostering greater economic prosperity and contributing to strengthening the bonds between the two nations’ relations.
The success of Filipino companies, Marcos said, is a testament to the conducive business environment that Viet Nam has provided. The President expressed confidence that Viet Nam, like the Philippines, is continuously working on further improving the business environment.
Marcos thanked Viet Nam Prime Minister Chinh for the warm hospitality extended to him and the members of his delegation.
The Philippines and Viet Nam have a total trade amounting to US$6.18 billion in 2022, with exports valued at US$1.72 billion and imports at US$4.46 billion. The US$2.74-billion balance of trade is in favor of Viet Nam.
Both countries, during the President’s state visit, agreed to increase trade to US$10 billion a year.
There are an estimated 7,003 Filipinos in Viet Nam. In 2022, remittances from Overseas Filipino Workers’ (OFW) in the country amounted to US$13,683,000.
The Philippines and Viet Nam established its formal diplomatic relations on July 12, 1976 with the two countries elevating their relations to a Strategic Partnership in 2015. (PND)
