Exceeding all expectations and earlier forecasts by the Vietnam Trade Office in the Philippines, total bilateral trade turnover between Vietnam and the Philippines in 2024 officially surpassed USD 8.5 billion. For the first time, exports exceeded USD 6 billion, and the trade surplus surpassed USD 3.5 billion.
According to data from the Import–Export Department (Ministry of Industry and Trade), total two-way trade between the two countries reached USD 8.66 billion, up 11% year-on-year.
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Exports: USD 6.19 billion, an increase of 20.2% compared with 2023.
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Imports: USD 2.47 billion, down 6.7% year-on-year.
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Trade surplus: USD 3.72 billion, exceeding the earlier projection of USD 3.5 billion.
These figures mark a significant milestone in Vietnam–Philippines trade relations and provide a strong start for the Lunar New Year 2025 (Year of the Snake).
In previous years, total exports to the Philippines were much lower — reaching only USD 7.8 billion in 2022 and 2023, with a trade surplus of USD 2.4 billion and USD 2.5 billion, respectively. The sharp rise in 2024 highlights the success of Vietnam’s ongoing efforts to diversify export markets and reduce pressure on domestic industries.