Vietnam-PH Trade Expected To Hit $8 Billion

With the current upward trend, trade between Vietnam and the Philippines is likely to exceed 8 billion USD for the first time, reaching approximately 8.5 billion USD in 2024, with Vietnam projected to have a surplus of more than 3 billion USD, according to a VietnamNet report.

Import-export turnover between the two countries reached nearly 6.5 billion USD in Q3. I Photo: Saigon Port

The report noted that in the first nine months of this year, import-export turnover between the two countries reached nearly 6.5 billion USD, a year-on-year increase of over 20%, with Vietnam's exports rising by 20.7%.

Of the 35 products that Vietnam exported to the Philippines, 20 recorded growth in the first nine months of this year.

Notable increases included rice at 53.3%, coffee at 120.7%, peppercorn at 37.6%, fertilizers at 21.6%, steel products at 71.2%, telephones and components at 42.8%, and cameras, camcorders, and components at 64.6%.

Meanwhile, some products saw a decrease in exports, including aquatic products at 21.2%, animal feed and raw materials at 15.6%, paper and paper products at 19.3%, ceramic products at 17.2%, and clinker and cement at 15.7%.

Rice, Vietnam's primary export to the Philippine market, has maintained high growth momentum, generating 1.98 billion USD in the first nine months of this year and accounting for 42.86% of the country’s total export turnover to the Philippines during this period.

In the remaining months of 2024, rice imports by the Philippines are expected to continue rising due to increased domestic demand, coupled with damage to the country’s year-end crop from natural disasters.