Vietnam and the Philippines are striving to boost bilateral trade turnover to $10 billion in the near future.

Amid Vietnam's efforts to explore more export markets to ease challenges for domestic enterprises, the Philippine market remains poised for further growth.

According to the latest statistics from the Vietnam Trade Office in the Philippines, Vietnam's export turnover to this market in March showed signs of recovery, increasing by 25.3% compared to February, reaching $442.631 million.

The import-export dynamics between Vietnam and the Philippines in Q1 2025 reveal several positive trends.

First, strong growth is seen in agricultural product exports compared to the same period last year.

Second, industrial and processed goods, including key Vietnamese exports such as textiles, telecommunications equipment, and components, have also seen significant improvement.

Third, business communities from both countries have become more proactive in researching, assessing market potential, and expanding their presence.

Lastly, new areas of bilateral cooperation have emerged, particularly in pharmaceuticals, veterinary drugs, and livestock vaccines, including the African swine fever vaccine.

In 2024, Vietnam-Philippines import-export turnover officially surpassed $8 billion, reaching $8.66 billion, an 11% increase compared to 2023.

Despite a decline in Q1 2025 trade figures compared to the same period in 2024, the Vietnam Trade Office in the Philippines forecasted an overall increase in trade turnover for 2025. With strong positive indicators in trade relations, the prospect of reaching $10 billion in bilateral trade remains within reach.