Việt Nam’s trade with the Philippines expected to reach $8 billion in 2024

Rice bags are loaded into a ship at Saigon Port in HCM City. — VNA/VNS Photo

HÀ NỘI — Bilateral trade between Việt Nam and the Philippines will likely reach US$8.1-8.3 billion by the year end, up from 3.9-6.4 per cent year-on-year, the Việt Nam Trade Office in the Philippines has forecast.

Two-way trade hit $4.21 billion in the first half of this year. Of that $2.93 billion came from Việt Nam’s exports, up 17.6 per cent against that in the same period last year.

Rice was the largest turnover earner, at $1.2 billion, up 41 per cent year-on-year, accounting for 41 per cent of Việt Nam’s total value from the market.

Others recording a turnover of over $100 million were machinery and equipment with $175 million, clinker and cement ($171 million), coffee ($134 million) and telephones and parts ($132 million).

During the period, Việt Nam also spent nearly $1.28 billion importing products from the Philippines, a yearly hike of 19.5 per cent.

Among major import items included computers, electronics, and components with $779.2 million, equipment, tools, and spare parts ($132.3 million) and metals of all kinds ($103 million).

Việt Nam-Philippines trade is forecast to hit about $9 billion in 2025 thanks to favourable trade policies and increasing demand from both countries.

The growth is expected to be fuelled by Việt Nam’s increasing efforts to maintain and expand exports of its key export items such as rice and industrial products to the Philippines and the Philippines’ continuous imports of technology products and machinery from Việt Nam. — VNS