Vietnam's businesses urged to seize Philippines trade promotion opportunities

Vietnamese businesses have yet to fully tap into the promising market of the Philippines, with mostly small-sized enterprises currently engaging in the market, according to Mr. Phung Van Thanh, the Commercial Counselor at the Vietnamese Embassy in the Philippines.

"To seize opportunities and establish a firm foothold in this market, it is crucial to enhance promotional activities and raise awareness among Vietnamese businesses about the potential of the Philippine market," he emphasized.

To introduce and promote products in the Philippines effectively, domestic businesses should enhance their participation in international exhibitions and fairs to be held in the country.

In 2025, the Philippines will host numerous major fairs, offering opportunities for Vietnam's strong sectors. These include: The Philippine International Furniture Show (March 7-9); Worldbex (Philippine World Building and Construction Exposition) (March 13-16); PhiEnergy exhibition (March 19-21); and Wofex (World Food Expo) – Drinks & Bakes exhibition (March 27-29).

For many years, Vietnam has enjoyed a trade surplus with the Philippines. In 2023, the total import-export turnover between the two countries reached $7.8 billion, consistent with 2022 levels. Exports amounted to $5.15 billion, a 1% increase compared to 2022, while imports totaled $2.65 billion, a 2% decrease from the previous year. The trade surplus with the Philippines in 2023 reached $2.5 billion, marking a 4.2% increase from 2022.

In the first 11 months of 2024 alone, Vietnam's export turnover to the Philippines reached $5.758 billion, an impressive 22.8% increase compared to the same period in 2023.

Despite the potential of the Philippine market, Vietnam's export product structure remains unbalanced. Currently, only about 35 items are exported, even though there are many other products with significant potential from the Philippine market.