Prime Minister Pham Minh Chinh: There are no obstacles to Vietnam-Philippines business cooperation

On the morning of January 30, Prime Minister Pham Minh Chinh received Philippine President Ferdinand Romualdez Marcos Jr. who is visiting Vietnam.

Prime Minister Pham Minh Chinh and the President of the Philippines affirmed that regular meetings between the two countries' leaders contribute to consolidating and enhancing political trust and comprehensively promoting bilateral cooperation.

The two leaders discussed measures to enhance economic, trade and investment cooperation, striving to bring two-way trade turnover to 10 billion USD by 2025. They also created a favorable business and investment environment, especially in areas where both sides have needs and strengths such as processing technology, infrastructure, auto support industry, renewable energy, high-tech agriculture, etc.

Regarding rice trade, the Prime Minister affirmed that this is one of the important areas of cooperation with the Philippines, not only for economic benefits but also linked to the goal of ensuring food security; he suggested that both sides effectively implement the Memorandum of Understanding on rice trade cooperation signed on this occasion.

Regarding defense and security cooperation, the two leaders affirmed that they will continue to promote the role of defense, security and maritime cooperation mechanisms; improve the effectiveness of joint patrols, search and rescue at sea as well as strengthen cooperation in preventing and combating drugs and other crimes such as cybercrime, high-tech crime, economic crime, etc.

President Marcos Jr. agreed with Prime Minister Pham Minh Chinh's proposal to promote cooperation in areas with great potential such as education and training, science and technology, tourism, culture, people-to-people exchange, local cooperation, etc.; and encouraged the opening of more direct flights connecting famous destinations between the two countries.

Discussing international and regional issues, the two leaders appreciated the two countries' close coordination at regional and international forums such as ASEAN, the United Nations, APEC, ASEM, etc.; emphasized the need to maintain solidarity and the central role of ASEAN, and unanimously build a strong, united and self-reliant ASEAN Community.

The two economies can connect and complement each other.

On the afternoon of January 30, Prime Minister Pham Minh Chinh and the President of the Philippines co-chaired a meeting with businesses of the two countries. The meeting was attended by typical businesses of Vietnam and the Philippines in the fields of infrastructure development, trade, real estate, electric cars, aviation, information technology, food, energy, pharmaceutical industry, education and training, etc.

Vietnam-Philippines cooperation continues to grow and yield results. Bilateral trade turnover in 2022 is expected to reach about 7.8 billion USD, up 12% compared to 2021. By the end of November 2023, two-way trade turnover will reach 7.1 billion USD.

Both sides wish to promote relations to open a new stage on both bilateral and multilateral levels, especially in economic, trade and investment cooperation...

Opinions suggest that both sides should unblock investment and trade flows, especially in areas where both sides have advantages and potential for cooperation, such as: high-quality agriculture, renewable energy, education, human resource training, information technology, science and technology, innovation, healthcare, etc.

The two countries need to increase the attraction of businesses’ attention and investment in each other’s markets. In particular, Vietnam advocates selective foreign investment attraction and cooperation, aiming at quality, efficiency, technology and environmental protection.

Philippine President Ferdinand Romualdez Marcos Jr. emphasized that the strategic relationship between the two countries needs to be further expanded to businesses, especially in the field of innovation, towards sustainable development.

Appreciating Vietnam's open policy and active support for businesses of the two countries, the President believes that Philippine businesses will continue to cooperate and expand investment in Vietnam - a very dynamic developing country and Vietnamese businesses also see the Philippines as a very potential market.

The two sides need to continue developing traditional economic and trade cooperation, especially agriculture, and other non-traditional fields such as mining, green technology investment, transportation and technology connectivity, etc.

The Philippine leader noted Vietnam’s concerns about the Philippines’ defense measures and technical barriers. The two countries are in a very dynamic economic context in the region, are natural partners, both competitive and cooperative, and need to create a more favorable business environment for enterprises.

For his part, Prime Minister Pham Minh Chinh analyzed that economic, trade and investment relations between the two countries have achieved certain encouraging results, but compared to the potential, opportunities, advantages and political relations between the two countries, they are still not commensurate, with much room for improvement.

"The two economies can connect and complement each other, political trust is increasing, we understand each other better and the two sides have more and more experience to cooperate," said the Prime Minister.

The Prime Minister suggested that the two sides renew old driving forces in cooperation (such as in investment, trade, consumption, etc.) and add new driving forces such as cooperation in digital transformation, green transformation, and climate change response.

The Prime Minister agreed with the President's view that both sides need to compete to improve the quality of products, goods, and services and cooperate with each other to create common strength.

Regarding the concerns and worries of businesses, the Prime Minister suggested that the two sides resolve the work in the direction of granting licenses faster, reviewing and removing unreasonable technical barriers, adjusting regulations and policies in the spirit of always listening to businesses and investors.

"There are no obstacles to businesses enhancing cooperation and the two economies promoting connectivity for the goal of two strong and prosperous countries, people of both countries being prosperous and happy, for peace, stability, cooperation and development in the region and the world," the Prime Minister emphasized.