On the afternoon of April 24, at the headquarters of the Communist Party of Vietnam’s Central Committee, General Secretary To Lam received Ambassador Meynardo Los Banos Montealegre of the Republic of the Philippines. During the meeting, the General Secretary emphasized the importance of enhancing connectivity and striving to raise bilateral trade turnover to USD 10 billion in the near future.
Bilateral Trade Volume Reached USD 2.074 Billion in Q1 2025
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According to the latest data from Vietnam’s Agency of Foreign Trade (Ministry of Industry and Trade), Vietnam’s exports to the Philippines in March 2025 showed positive growth, reaching USD 554.5 million, up 25.3% compared to February 2025.
However, total export turnover to the Philippines in Q1 2025 recorded a slight decrease of 3.8% year-on-year, totaling USD 1.402 billion.
Meanwhile, Vietnam’s imports from the Philippines in Q1 2025 stood at USD 672.2 million, down 4.6% compared to the same period in 2024.
Overall, the total bilateral trade value between Vietnam and the Philippines reached USD 2.074 billion in the first quarter of 2025.
Positive Highlights in Vietnam–Philippines Trade Relations
Despite minor declines, several export categories achieved remarkable growth:
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Agricultural products such as cashew nuts (+35.8%), coffee (+47%), and pepper (+39.6%).
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Industrial and manufactured goods such as textiles (+30.9%), phones and components (+67.3%), vehicles and spare parts (+51.8%).
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Other fast-growing categories include plastic products (+51.2%), fiber and yarn (+30%), garment accessories (+132.8%), ceramics (+325.4%), glass (+371.4%), and non-wood furniture (+157.1%).
In addition, Vietnamese and Philippine enterprises have become increasingly proactive in exploring market opportunities and strengthening mutual understanding through trade fairs, exhibitions, sourcing events, and promotional programsorganized by the Vietnam Trade Office in the Philippines.
Expanding Bilateral Cooperation
Recent years have witnessed notable developments such as:
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VinFast’s market breakthrough in the Philippines with the opening of showrooms, signing of nearly 60 dealership agreements, and the upcoming launch of SM Green Taxi services using electric vehicles.
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Direct Vietnam Airlines flights connecting Manila with Hanoi, Ho Chi Minh City, and Da Nang, facilitating trade and tourism.
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New cooperation areas, especially in veterinary medicine and African swine fever vaccine development, following successful partnerships between Vietnamese companies like Dabaco and AVAC and Philippine counterparts.
Outlook: Toward USD 10 Billion Trade Target
In 2024, bilateral trade between Vietnam and the Philippines surpassed USD 8.66 billion, up 11% from 2023. Vietnam’s exports reached USD 6.19 billion, marking the first time exceeding USD 6 billion, while maintaining a trade surplus of USD 3.72 billion.
With strong momentum in trade, logistics, technology cooperation, and growing enterprise engagement, the goal of achieving USD 10 billion in bilateral trade, as directed by General Secretary To Lam, is highly achievable in the near future.