The Vietnam Trade Office in the Philippines has announced that the total two-way trade turnover between Vietnam and the Philippines in 2024 is projected to exceed USD 8 billion for the first time, reaching approximately USD 8.5 billion, with a trade surplus of over USD 3 billion in Vietnam’s favor.
Impressive Growth in Bilateral Trade
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Based on the results and growth momentum observed in the first 10 months of 2024, Vietnam–Philippines trade turnover reached USD 7.3 billion, equivalent to 93.6% of the total trade volume of 2023.
According to the Import–Export Department (Ministry of Industry and Trade), by the end of November 2024, total bilateral trade between the two countries officially exceeded USD 8 billion.
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Vietnam’s exports to the Philippines: USD 5.758 billion (+22.8% YoY)
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Vietnam’s imports from the Philippines: USD 2.284 billion (−5% YoY)
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Total trade turnover: USD 8.042 billion
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Vietnam’s trade surplus: USD 3.474 billion (compared to USD 2.5 billion in 2023 and USD 2.4 billion in 2022).
This strong growth demonstrates Vietnam’s effective diversification efforts in export markets, reducing difficulties for domestic manufacturers.
Enhanced Cooperation and Promotion Efforts
In previous years, Vietnam–Philippines trade remained below USD 8 billion due to limited cooperation and unexploited potential, except for rice exports. Since the end of 2022, under the direct guidance of the Ministry of Industry and Trade, along with coordination from agencies such as the Asia–Africa Market Department, Import–Export Department, and the Vietnam Trade Promotion Agency, and the active participation of Vietnamese associations (e.g., VFA, coffee and coconut associations), the Vietnam Trade Office in the Philippines has carried out numerous trade promotion and image-building activities.
These include exhibitions, trade fairs, product showcases, business forums, and B2B meetings, which have helped strengthen mutual understanding, eliminate trade barriers, and foster investment confidence between Vietnamese and Filipino enterprises.
A notable example is Vingroup, which—after receiving market intelligence and strategic support from the Trade Office—decided to make the Philippines its key ASEAN market, launching electric vehicles and ride-hailing services. In addition, the reopening of direct flights between Hanoi, Ho Chi Minh City, and Manila by Vietnam Airlines, with Trade Office support, has significantly facilitated trade and business exchanges.
Key Export Products to the Philippines
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Rice: nearly USD 2.5 billion (+57.2%)
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Machinery and spare parts: USD 360 million
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Clinker and cement: USD 300 million
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Coffee: USD 250 million (+86%)
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Phones and components: USD 206 million (+40.8%)
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Transport vehicles and parts: USD 182 million
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Computers and electronic products: USD 176 million
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Textiles and garments: USD 123 million
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Other significant exports include: seafood (USD 98 million), footwear (USD 97 million), steel (USD 93 million), plastics (USD 62 million), fibers (USD 75 million), fertilizers (+73%), cameras (+64.8%), and electrical cables (USD 60 million).
Major Imports from the Philippines
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Computers, electronic products, and components: USD 1.43 billion
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Machinery and spare parts: USD 254 million
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Base metals: USD 148 million
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Electrical wires and cables: USD 87 million
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Seafood: USD 35 million
Outlook
With bilateral trade continuing to rise in the final months of 2024, the projection of USD 8.5 billion in total trade turnover—including a Vietnamese trade surplus of over USD 3 billion—is entirely achievable. This marks an important milestone in strengthening Vietnam–Philippines economic relations and expanding opportunities for both nations’ exporters.