Vietnam’s trade with the Philippines has reached an impressive milestone, with turnover exceeding $8.6 billion in 2024, up 11% year-on-year, the Vietnam News Agency has reported, quoting figures from the Ministry of Industry and Trade’s Agency of Foreign Trade.

Vietnam exported $6.19 billion worth of products to the Philippines for the first time, a year-on-year increase of 20.2%, while recording a 6.7% drop in imports to $2.47 billion. As a result, it enjoyed a trade surplus of $3.72 billion as compared to the set target of $3.5 billion.

Rice emerged as a standout export commodity last year, accounting for over $2.6 billion, surging 48.9% year-on-year.

Other significant export categories included machinery, equipment and spare parts ($393 million), clinker and cement ($319 million), coffee ($288.5 million), telephones and components ($212.3 million), and transport vehicles and spare parts (over $200 million).