Vietnam, Philippines Trade ministers meet on sidelines of AEM 48
Minister of Industry and Trade Tran Tuan Anh had a meeting with his Philippine counterpart Ramon Lopez in Vientiane, Laos on August 5 on the sidelines of the 48th ASEAN Economic Ministers’ Meeting and related meetings.
During the meeting, Minister Tran Tuan Anh proposed that Vietnam and the Philippines consider the extension of the rice trade deal between the two countries, which will expire at the end of this year, to another period from 2017 to 2020.
Minister Anh suggested that the Philippines organise the second meeting of the Vietnam-Philippines Joint Sub-Committee on Trade at a convenient time to strenghthen cooperation and timely address emerging problems in bilateral trade ties, as well as discuss specific measures to boost bilateral trade in the coming time.
For his part, Minister Ramon Lopez lauded Vietnam’s proposal to extent the bilateral rice trade deal, affirming that he will discuss the matter with the relevant ministries and agencies of his country.
Ramon Lopez agreed to organise the second meeting of the Vietnam-Philippines Joint Sub-Committee on Trade in the third quarter of this year, and invited his Vietnamese counterpart to co-chair the event in the Philippines.
At the meeting, both the ministers expressed pleasure at the growing bilateral trade partnership over the past few years, with two-way trade reaching nearly 3 billion USD last year and 1.52 billion USD in the first months of 2016, a increase of 15.3 percent year on year.
So far this year, Vietnam has exported 1.08 billion USD worth of goods to the Philippines, up 17.5 percent, while importing 443 million USD worth of goods, an increase of 10.3 percent.
An upturn has been seen in both bilateral trading volume and value, while the goods being traded have become more diversified.
Vietnam mainly exports agricultural products, processed foodstuff and construction materials to the Philippines, while importing computers, electronic accessories and fertilizer.
During the event, the two ministers believed the Vietnam - Philippines trade ties will continue to achieve much more positive results in the time ahead.
Vietnamese Minister of Industry and Trade Tran Tuan Anh (L) meets with his Philippine counterpart Ramon Lopez in Vientiane, Laos on August 5.
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For his part, Minister Ramon Lopez lauded Vietnam’s proposal to extent the bilateral rice trade deal, affirming that he will discuss the matter with the relevant ministries and agencies of his country.
Ramon Lopez agreed to organise the second meeting of the Vietnam-Philippines Joint Sub-Committee on Trade in the third quarter of this year, and invited his Vietnamese counterpart to co-chair the event in the Philippines.
At the meeting, both the ministers expressed pleasure at the growing bilateral trade partnership over the past few years, with two-way trade reaching nearly 3 billion USD last year and 1.52 billion USD in the first months of 2016, a increase of 15.3 percent year on year.
So far this year, Vietnam has exported 1.08 billion USD worth of goods to the Philippines, up 17.5 percent, while importing 443 million USD worth of goods, an increase of 10.3 percent.
An upturn has been seen in both bilateral trading volume and value, while the goods being traded have become more diversified.
Vietnam mainly exports agricultural products, processed foodstuff and construction materials to the Philippines, while importing computers, electronic accessories and fertilizer.
During the event, the two ministers believed the Vietnam - Philippines trade ties will continue to achieve much more positive results in the time ahead.
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