Phl, Vietnam to boost trade, economic ties

MANILA, Philippines - The Philippines and Vietnam are looking to enhance cooperation to strengthen their trade and economic ties, a trade official said yesterday.

Trade undersecretary Adrian Cristobal Jr. met with Vietnam’s Trade Vice Minister Tran Tuan Anh earlier this week to discuss how to expand the trade and economic ties of the two countries.

“We have agreed we should convene our joint committee on trade perhaps, early next year,” he said.

He said the discussions with Vietnam focused particularly on expanding market access for flour and processed fish.

As there are many Filipino investors in Vietnam, the government also wants to make sure there is a venue to discuss issues affecting businesses.

“On our part, we want to make sure Filipino investments are taken care of abroad. We have growing investments in Vietnam… so we want to set up a platform where we can ensure ease of doing business, environment is stable and we can promote two-way trade with Vietnam,” Cristobal said.

Philippine companies with operations in Vietnam include Unilab (United Pharma Vietnam Inc.), San Miguel Brewery Vietnam, San Miguel Haiphong Glass Co. Ltd., Universal Robina Corp., Jollibee Foods, Splash International, Century Tuna, Rebisco Group,  Royal Cargo, and Manila Water.

For his part, Tran was cited in a statement from the DTI as saying that Vietnam is interested in importing more industrial products from the Philippines, including electronics, chemicals, and fertilizers.

Vietnam also wants to promote exports of rice, textile, garments, seafoods and agricultural products here.

In terms of investments, Vietnamese companies are interested in opportunities in the agriculture, energy, processing as well as transportation sectors.

Cristobal said working with other members of the Association of Southeast Asian Nations (ASEAN) would help promote greater market access for Philippine products as countries prepare for the upcoming regional economic integration.

“The work that we have been doing in the Philippines since 2010 provides the leverage to better collaborate with other member-states towards the establishment of the ASEAN Economic Community (AEC). The economic argument for closer regional ties in ASEAN is convincing. The formation of a well-functioning, seamless market is expected to deliver economic efficiencies and attract the investments to better serve the growth prospects of ASEAN economies,” he said.

The AEC seeks to create a single market and production base to promote free movement of goods, services, investment and skilled labor within the region by the end of 2015.