Prime Minister Pham Minh Chinh and Philippine President Ferdinand Romualdez Marcos Jr. agreed to increase two-way trade turnover to $10 billion by 2025 during their meeting in Hanoi on January 30.

The Philippine President is on a two-day State visit to Vietnam.

They discussed measures to enhance cooperation between the two countries in economy, trade, and investment.

Both pledged to create a favorable business and investment environment, particularly in areas that are strengths for the two sides, such as processing technology, infrastructure, the automobile supporting industry, renewable energy, and high-tech agriculture.

Prime Minister Chinh affirmed that rice trading is among the important fields of cooperation with the Philippines, which not only generates economic benefits but also helps ensure food security. He proposed that the two sides effectively implement an MoU on Rice Trading signed during President Marcos’s visit.

The Philippine President agreed with the Prime Minister on boosting cooperation in fields of potential such as education and training, science and technology, tourism, and culture. He also recommended opening more direct flights between the two countries.