MANILA, Philippines – The Philippines and Vietnam have taken a significant step toward deeper economic cooperation as Vietnamese President To Lam called for elevating bilateral relations to greater heights, highlighting vast opportunities for trade, investment, innovation, and sustainable development between the two fast-growing Southeast Asian economies.

Speaking during the Vietnam-Philippines Business Forum in Manila on Monday, President Lam encouraged business leaders and investors from both countries to maximize emerging opportunities and strengthen partnerships that will drive long-term growth and regional competitiveness.

Lam noted that since the two nations upgraded their relations a decade ago, cooperation has expanded steadily across various sectors, including security, trade, investment, and people-to-people exchanges. He emphasized the importance of further accelerating collaboration in agriculture, fisheries, consumer goods, logistics, and the digital economy.

The Vietnamese leader also reaffirmed Hanoi’s commitment to creating a favorable business environment and providing strong support for foreign investors seeking opportunities in Vietnam.

The forum followed high-level discussions between President Ferdinand R. Marcos Jr. and President Lam, where both leaders expressed optimism in surpassing the current USD10 billion bilateral trade target while pursuing a more balanced and mutually beneficial trade relationship.

Both leaders encouraged greater market access, reduced trade barriers, increased investment flows, and more frequent exchanges between government and business leaders. They likewise underscored the importance of strengthening regional economic integration through the Association of Southeast Asian Nations (ASEAN).

President Lam’s state visit to the Philippines from May 31 to June 1 culminated in the elevation of Philippines-Vietnam relations to an Enhanced Strategic Partnership, signaling a new era of cooperation between the two nations.

A major highlight of the visit was the signing of 15 Memoranda of Understanding (MOUs) involving Philippine and Vietnamese companies, institutions, and organizations across multiple sectors. These agreements cover trade, tourism, aviation, energy, agriculture, telecommunications, healthcare, education, artificial intelligence, cybersecurity, transportation, electric vehicles, and green development initiatives.

Among the participating organizations were the Philippine Chamber of Commerce and Industry (PCCI), Vietnam Chamber of Commerce and Industry (VCCI), Vietnam Airlines, Philippine Airlines, Viettel Cyber Security, Vinpearl, Klook Philippines, educational institutions, healthcare organizations, and various technology and infrastructure companies from both countries.

Philippine Chamber of Commerce and Industry President Ferdinand Ferrer welcomed the agreements, saying they demonstrate strong confidence in the economic potential of both nations and open new opportunities for innovation-driven growth.

“The Philippines and Vietnam are more than just neighbors. We are like-minded economies—young, dynamic, and growth-oriented. Today, we are transforming goodwill into meaningful action and long-term partnerships,” Ferrer said.

He added that the PCCI is already coordinating with its Vietnamese counterpart to organize at least three business missions aimed at further expanding trade and investment cooperation following President Lam’s successful visit.

With stronger diplomatic ties, growing business engagement, and expanding collaboration in emerging industries, the Philippines and Vietnam are positioning themselves as key partners in advancing economic prosperity, innovation, and sustainable development across Southeast Asia.

NPO News Team |  PNA-PR