The Philippines and Vietnam wrapped up a successful bilateral meeting following the state visit of President Rodrigo Duterte to the Southeast Asian neighbor.
Trade Secretary Ramon Lopez said in a communication from Vietnam that the two countries discussed several trade issues during Duterte’s meeting with Vietnam President Tran Dai Quang.
“Overall, I can say that the series of bilateral meetings was a huge milestone as both leaders have established good and warm relationships. I am sure it will redound to deepening the ties between our two countries,” he said.
The two countries also discussed ways to keep the progress of peace efforts and stability.
Vietnam and the Philippines expressed commitment to enhance trade and investments. Lopez said Duterte raised a point on improving trade balance and expanding bilateral trade.
The Philippines has a trade deficit with Vietnam, despite exports of electronics copper cathodes, smart cards, transmission apparatus, coffee and cement clinker.
“President Duterte suggested that we import rice and other products while Vietnam considers buying more of our food and value-added agri-based products, furnitures, construction materials, fabricated metals, among others,” said Lopez.
He said Duterte invited many Vietnamese companies to invest in the Philippines and reiterated his commitment to a clean and fast registration system, honor contracts and protect investments.
Both leaders agreed to expand bilateral cooperation beyond security and investments to education and training, sharing of scholars and experts and cultural exchange.
“The milestones achieved in this bilateral talks definitely strengthened the country’s trade and investment relationship with Vietnam. Mechanism like the joint trade committee will be developed to operationalize the objectives.