The Philippines remains a promising market for many of Vietnam’s export sectors, though its full potential has yet to be fully realized.
This is partly because businesses from both countries have not yet fully understood each other’s market potential and product competitiveness, and partly due to difficulties in import–export procedures or limited market access commitments, particularly for agricultural products such as fresh flowers, fruits, and vegetables.
1. Bilateral Trade Surpasses USD 8 Billion in 2024
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The year 2024 marked a breakthrough in trade relations between Vietnam and the Philippines — for the first time, the bilateral trade value surpassed USD 8 billion, reaching USD 8.66 billion, an increase of over 11% compared with 2023.
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Exports: USD 6.19 billion, up 20.2% year-on-year.
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Trade surplus: USD 3.72 billion, exceeding the initial forecast of USD 3.5 billion.
Vietnam’s rice exports played a key role, contributing over USD 2.6 billion, followed by major export items such as:
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Machinery, equipment, and spare parts
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Clinker and cement
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Coffee
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Mobile phones and components
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Vehicles and accessories
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Computers, electronics, and components
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Textiles and garments
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Seafood
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Footwear
2. Promising Export Items in 2025
In 2025 and beyond, rice will continue to be Vietnam’s primary export commodity to the Philippines. However, several other agricultural products also show strong potential, including:
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Coffee
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Cashew nuts
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Seafood
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Electronic devices and components
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Textiles and garments
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Machinery, tools, and spare parts
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Footwear
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Vehicles and transport equipment
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Cement, chemicals, and chemical products
A notable development is that Vingroup Group has chosen the Philippines as one of its key target markets and has made tangible progress in expanding its products and services there. This move could open new opportunities for Vietnam–Philippines trade relations.
Additionally, through initiatives by the Vietnam Trade Office in the Philippines, several specialized Vietnamese products that were previously difficult to access the market — such as labor protection equipment, pharmaceuticals, veterinary drugs, and vaccines — are now showing positive growth potential.
3. Strategic Directions and Solutions
The year 2024 was highly successful for Vietnam’s exports to multiple markets, including the Philippines. This strong foundation provides confidence for continued export growth in 2025.
To sustain this growth momentum, it is essential that government agencies, associations, and enterprises work together closely.
Key objectives for the Philippine market:
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Maintain Vietnam’s leading position as the Philippines’ top rice supplier.
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Expand export categories and volumes across both agricultural and industrial sectors.
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Promote value-added processed goods, manufactured products, and high-tech exports to achieve a more balanced export structure.
Policy recommendations:
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The Vietnamese Government and ministries should continue implementing coordinated policies to promote production and exports, focusing on priority sectors and target markets.
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For the Philippine market, policies should focus on enhancing trade cooperation and market access for agricultural and seafood products, including fresh flowers, fruits, vegetables, and meat products.
For businesses and associations:
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Conduct market research on Philippine consumer preferences and demand.
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Focus on product quality improvement, packaging innovation, and branding.
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Strengthen marketing, exhibitions, and trade fairs both domestically and in the Philippines.
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Improve foreign language proficiency and develop bilingual marketing materials in English.
4. Support from the Vietnam Trade Office in the Philippines
The Vietnam Trade Office in the Philippines remains a dedicated partner supporting Vietnamese enterprises through:
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Market intelligence and policy updates
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Organizing business delegations and trade missions
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Facilitating trade fairs, exhibitions, and promotional events
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Monitoring local market trends and regulatory changes to provide timely guidance to Vietnamese enterprises
Contact Information
Vietnam Trade Office in the Philippines
Commercial Counselor: Mr. Phung Van Thanh
📞 Tel: +63 28 404 3659
📱 Mobile: +63 998 558 6169 (Zalo / Viber / Telegram / WhatsApp)
📧 Email: ph@moit.gov.vn | thanhpv@moit.gov.vn