INVESTMENTS from Vietnam are expected to exceed $100 million by year-end, according to Ambassador Lai Thai Binh.
At a reception marking the Southeast Asian country’s National Day in Manila, Lai said Vietnamese companies had invested more than $90 million in the Philippines, or about 70 percent of cumulative funding in the country to date.
Both countries also aim to increase bilateral trade by 30 percent to $10 billion this year. Trade between the Asean neighbors reached nearly $8 billion in 2025, making Vietnam the Philippines’ 11th-largest trading partner.
According to Lai, Vietnamese rice has consistently accounted for about 80 percent of the Philippines’ total rice imports, while the latter accounts for nearly half of Vietnam’s rice exports.
‘As we look ahead to the next 50 years, amid an era of profound global changes, Vietnam and the Philippines share a compounding responsibility,’ the ambassador said. ‘We must further deepen our economic cooperation, recognizing that development is not secondary to security; rather, [it] is one of the very foundations of enduring security.’
Foreign Affairs Undersecretary Maria Andrelita Austria said Manila will work to achieve a ‘balanced trade relationship’ by expanding two-way opportunities, improving market access, alongside reduction of trade and investment barriers.
In a separate interview, Lai said the two countries are working on a new plan of action to facilitate practical cooperation in several areas: ‘[Our two countries have been able to upgrade our relations to an] Enhanced Strategic Partnership. This is very important for both countries, and it’s not just a name; it’s a real upgrade of the very close and special relation between the two countries.’
‘We hope that the new partnership will contribute a lot, not only to the benefits of our two peoples, but also to the region,’ he added.
The Philippines and Vietnam formally established diplomatic relations on July 12, 1976. Their ties were elevated into an Enhanced Strategic Partnership during President To Lam of Vietnam’s state visit to Manila in June.