According to statistics from the Department of Agriculture of the Philippines, by the end of October, the country has imported a total of 3.68 million tons of rice, 2.91 million tons of which or over 79% of the total were imported from Vietnam.

As a result, Vietnam maintains its position as the biggest rice exporter to the island nation in the ten-month period, followed by Thailand with 457,673.28 tons, or 12.4 per cent of the total.

Overall, trade between Vietnam and the Philippines showed steady growth in the first nine months of this year. According to data from the Ministry of Industry and Trade, total two-way trade between the two countries reached nearly $6.5 billion in the nine-month period, a rise of over 20 per cent compared to the same period last year. Of this, Vietnam's export turnover accounted for over $4.6 billion, up 20.7 per cent year-on-year, while its imports stood at nearly $1.9 billion, on par with last year’s levels.

With the current growth trajectory, total trade between Vietnam and the Philippines this year is forecast to surpass $8 billion for the first time, potentially reaching around $8.5 billion, with Vietnam expected to record a trade surplus of over $3 billion.

Currently, approximately 35 categories of Vietnamese goods are exported to the Philippines. In the first nine months of 2024, 20 of these categories saw positive growth compared to the same period in 2023. Key growth items included rice (53.3 per cent), coffee (120.7 per cent), pepper (37.6 per cent), fertilizers (21.6 per cent), steel products (71.2 per cent), phones and components (42.8 per cent), and cameras, camcorders, and components (64.6 per cent).