Filipino enterprises seek business opportunities in Vietnam

12:48 | 13/01/2017 Vietnam - Asean

(VEN) - The Vietnam-Philippines business forum and a trade exchange seminar were held on January 11th in Ho Chi Minh City with participation of  23 Filipino businesses and 120 Vietnamese enterprises and associations in the southern region.  

filipino enterprises seek business opportunities in vietnam
Do Quoc Hung, Deputy Director of the MoIT’s Asia-Pacific Market Department, speaks at the forum - Photo: baocongthuong

Do Quoc Hung, Deputy Director of the Ministry of Industry and Trade (MoIT)’s Asia-Pacific Market Department said the event aims to promote investment and business environment of Vietnam and Ho Chi Minh City in particular; and introduce Vietnamese firms’ capacity for manufacturing and goods supply to Filipino partners. Via this event, MoIT wants to facilitate business networking between the two countries in the coming time.

Many cooperation opportunities have been suggested by businesses from both countries in the event, notably exporting Vietnamese farm, food products and construction materials to the Philippines ...

Representatives from the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) said the city has offered incentives to encourage investment in areas such as finance, trade, transport, post and telecommunication, real estate…As for Filipino businesses, the city will facilitate their investment in building elevated roads No 1, No 2, No 3, No 4; Metro routes No 2, No 4 and No 6; improving water quality Phase 3; developing hi-tech agriculture in Can Gio district, Tay Bac Solid Waste Treatment Complex in Cu Chi district; residential areas and International University in Hoc Mon district; hospitals in Tan Kien health care complex in Binh Chanh district...

filipino enterprises seek business opportunities in vietnam
President of the FFCCCII Angel Ngu talks about areas that Filipino firms want to do business in Vietnam

President of the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc., (FFCCCII ) Angel Ngu shared that as the ASEAN Economic Community was established, the Philippine started to seek business opportunities with regional countries, especially Vietnam.

filipino enterprises seek business opportunities in vietnam
Businesses from both sides discuss trade oppoturnities

He said 23 Filipino businesses from different areas come to this event. Particularly, Chairman of the Lucio Tan Group (including Philippine Airlines, Philippine National Bank, Asia Brewery, PMFTC in joint-venture with Philip Morris…) who was one of the world’s billionaire in 2016 was also taking part.

At the forum, the Filipino businesses showed interests in increasing trade in farm produce, construction materials (iron and steel), bureau equipment, consumer goods (leather and footwear)...

Angel Ngu also hailed investment environment of Vietnam as one of the most promising markets, evidenced by the successful operation of URC, Jollibee fast food chain, and Pharma…from the Philippines, and added that many Filipino businesses are seeking for more trade oppoturnities with Vietnamese partners.

The bilateral trade relation between between Vietnam and the Philippines has seen positive development, especially after their strategic partnership establishment in November 2015. With annual average growth of 11 percent in the 2008-2016 period, the two-way trade between two sides was estimated at US$3.23 billion last year, up 10.8 percent annually. Of which, Vietnam’s exports to the Philippines were US$2.22 billion, a year-on-year increase of 9.9 percent and Vietnam’s imports reached US$1.03 billion, up 13.8 percent.

Thuy Duong