Vietnam-Philippines Two-Way Trade

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The President of the Philippines is on an official state visit to Hanoi during which he will discuss trade and investment between the two nations. Here’s how that trade and investment is shaping up.

The President of the Philippines, Ferdinand Marcos Jr., is on an official state visit to Hanoi. During his visit, the Filipino leader is slated to talk about trade and investment with key Vietnamese decision-makers. Both members of the Association of Southeast Asian Nations (ASEAN), these two countries are parties to a number of multilateral trade agreements that have made trade between them cheaper and easier. In particular, Vietnam has become extremely important to the Philippines’ food security, exporting over US$1.75 billion worth of rice to the country in 2023. In this light, here’s how trade and investment is shaping up between these two Southeast Asian neighbors.

Trade relations between the Philippines and Vietnam

Both members of ASEAN trade between the Philippines and Vietnam is covered by several free trade agreements. These include:
  • ASEAN Trade in Goods Agreement (ATIGA)
  • ASEAN-China Free Trade Area
  • ASEAN-Japan Comprehensive Economic Partnership
  • ASEAN-Korea Free Trade Area
  • ASEAN-Australia-New Zealand Free Trade Area
  • ASEAN-India Free Trade Area
  • ASEAN-Hong Kong, China Free Trade Area (AHKFTA)
  • Regional Comprehensive Economic Partnership.

See also: Vietnam’s Free Trade Agreements – Opportunities for Your Business

Philippines FDI projects in Vietnam

As of the end of 2022, firms from the Philippines had registered 88 projects in Vietnam to the tune of US$605.99 million since Vietnam began keeping records. One of the biggest investors in Vietnam from the Philippines is the Jollibee Foods Corporation. Jollibee is most well known for its fried chicken and rice fast-food restaurants of which it has . That said, the company is also the majority shareholder of Vietnam’s Highlands Coffee chain. There were over 500 Highlands coffee outlets in Vietnam in 2022 with around 50 in the Philippines.

Exports the Philippines to Vietnam

In 2023, the Philippines’ key exports to Vietnam were: computers, electrical products, spare parts and components thereof; machines, equipment, tools and instruments; and other base metals. Collectively these three items accounted for just over US$2 billion worth of exports to Vietnam out of a total of US$2.65 billion.

Philippines’s exports to Vietnam, 2023

Description Value US$
Computers, electrical products, spare parts, and components thereof 1,635,089,455
Other products 279,648,372
Machine, equipment, tools, and instruments 277,744,019
Other base metals 174,253,504
Insulated wires and cables 88,923,073
Fishery products 40,406,065
Parts and accessories of motor vehicles 20,080,653
Animal fodders and animal fodder materials 16,876,402
Plastic products 15,841,948
Pastrycooks, sweets, and cereal products 14,975,877
Fertilizers 14,438,580
Plastics 13,327,766
Other edible food preparations 11,479,708
Chemical products 10,043,217
Ferrous waste and scrap 9,992,744
Iron and steel products 7,876,352
Tobacco materials 6,151,869
Other base metal products 5,345,642
Iron and steel 5,238,644
Rubber products 2,601,504
Pharmaceutical products 1,673,246
Paper 447,511
Essential oils and resinoids; perfumery, cosmetic or toilet preparations 447,244
Milk and milk products 240,948
Fabrics 174,670
Total 2,653,319,013
Source: Vietnam General Department of Customs

Exports Vietnam to the Philippines

In 2023, Vietnam’s biggest exports to the Philippines were: rice; clinker, and cement; and machines, equipment, tools, and instruments. Collectively exports of these items accounted for US$2.46 billion worth of exports to the Philippines. This was out of total exports of US$1.49 billion.

Vietnam’s exports to the Philippines, 2023

Description Value US$
Rice 1,753,389,269
Other products 705,508,912
Clinker and cement 358,319,713
Machine, equipment, tools, and instruments 352,065,529
Other means of transportation, parts, and components thereof 221,046,482
Computers, electrical products, spare parts, and components thereof 193,695,173
Telephones, mobile phones, and parts thereof 153,177,078
Coffee 152,867,271
Fishery products 133,881,181
Textiles and garments 125,874,580
Iron and steel 111,422,344
Foot-wears 104,666,498
Yarn 82,650,651
Chemical products 79,208,620
Insulated wires and cables 71,774,948
Plastic products 60,806,344
Other base metals and other base metal products 60,186,284
Petroleum products 59,627,992
Paper and paper products 40,525,883
Iron and steel products 38,000,837
Animal fodders and animal fodder materials 34,480,053
Ceramic products 34,246,746
Pastrycooks, sweets, and cereals products 28,703,704
Textile, leather, and footwear materials and accessories thereof 28,528,168
Plastics 27,466,493
Fertilizers 25,905,746
Pepper 24,178,202
Chemicals 20,368,730
Still image, video cameras and parts thereof 18,883,984
Cashew nut 16,536,779
Coal 12,243,704
Manioc and manioc products 9,191,975
Glass and glassware 7,334,879
Tea 2,303,518
Furniture of other materials, other than wood 844,888


Source: Vietnam General Department of Customs

Philippines-Vietnam trade moving forward

With two-way trade at just over US$7.8 billion last year, the trading relationship between Vietnam and the Philippines has become incredibly important for both countries. As the ASEAN trading bloc becomes more heavily integrated and supply chains become increasingly more diversified, this two-way trade volume is likely to become even greater.

To find out more about building regional supply chains in Southeast Asia contact the business advisory experts at Dezan Shira and Associates.

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