The Philippines is considered a market of great potential for Vietnamese export products, particularly rice, due to its close proximity and similar consumption habits, according to the Ministry of Industry and Trade.

It had a population of about 113 million in 2023, ranking it 13th in the world, seventh in Asia, and second in ASEAN.

Thirty-five products and groups of products from Vietnam are being sold in the country, including farm produce, aquatic products, confectionery, animal feed, cement, steel, construction materials, textiles and garments, and machinery and equipment. Notably, farm produce, particularly rice, has always accounted for a large proportion of total exports.

Vietnamese rice accounts for over 80 per cent of the Philippines’ total rice imports. It exported 3.1 million tons of rice to the country in 2023, earning total revenue of $1.75 billion, up 17.6 per cent year-on-year in value but down 2 per cent in volume.

Total trade value between the two countries hit $7.8 billion last year, including $5.15 billion from exports, up 1 per cent compared to 2022.