President Ferdinand Marcos Jr. delivers his speech at Villamor Airbase in Pasay City on Monday, January 29, 2024, before flying to Vietnam for an official visit. (INQUIRER.net/Ryan Leagogo)
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Tuesday said he wants to expand trade agreements with Vietnam from $7 billions to $10 billion.
In a meeting with Prime Minister Pham Minh Chinh in Hanoi, Marcos said that the Philippines and Vietnam can explore untapped resources.
“Our objective is to expand our bilateral trade which stands at just about $7 billion today to expand that to US$10 billion by exploring untapped resources. And in time hopefully the balance between our imports and exports will move to a more equitable ratio,” Marcos told the Vietnamese Prime Minister.
According to the Presidential Communications Office, the Philippines’ main exports to Vietnam are electrical machinery and equipment and parts.
Vietnam’s main exports to the Philippines are cereals, electrical machinery and equipment, iron and steel, and more.
“We hope to work closely with Vietnam in maximizing the use of technology and developing our countries’ infrastructure for digital transformation in order to take full advantage of its positive impact in our economies,” Marcos told the Prime Minister.
Several memoranda of understanding were signed during Marcos’ trip, covering defense, rice trade and agricultural deals.
Marcos is set to return to Manila Tuesday night.