Philippines enterprises appreciate the business environment in Vietnam

	Looking back on Vietnam's economy 2016: Recovery despite difficulties.
	The Ministry of Finance has implemented 100% assigned tasks in the Resolution 35
	Equitisation of SOEs must be sped up: experts

Philippines enterprises exchange with Vietnamese enterprises about opportunities of cooperation. Photo: N.H.

Ms. Bui Thi Thanh An, the chief representative of the Trade Promotion Department in the Southern region, under the Ministry of Industry and Trade said that bilateral trade between Vietnam and the Philippines had been continuously consolidated and developed since the two countries formally established a strategic partnership in December 2015. With an average growth rate of 11% from 2008 to 2016, the total bilateral trade turnover between Vietnam and the Philippines in 2016 was estimated at more than $US 3.23 billion, an increase of nearly 11% yoy. Specifically, exports from Vietnam to the Philippines reached $US 2.2 billion, an increase of nearly 10% compared to 2015. The turnover of imports from the Philippines to Vietnam reached more than $US 1 billion, an increase of nearly 14% compared to 2015.

According to Mr. Angel Ngu, the Chairman of the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), when the Asean Economic Community (AEC) was established, FFCCCII began to look for trading with countries in the region, especially in Vietnam through trade missions to countries to explore cooperation and investment environment.

Mr. Angel Ngu said that, 23 Philippines enterprises which participated in the Vietnam-Philippines Business Forum this time were reputed enterprises of the Philippines. The commodities groups that these enterprises were interested in were agricultural and food products, building materials, office equipment and consumer products (mainly footwear). Mr. Angel Ngu also appreciated the business environment in Vietnam when many Philippines enterprises have been investing in Vietnam (such as URC company with C2 bottled water) and said that there were many Philippine businesses looking for opportunities to expand business in Vietnam.

Vietnam tries to create favorable business environment Over the past two years, Vietnam has focused on increasing competitiveness and improving the local business environment ...

Regarding investment opportunities in Vietnam, a representative of the Center for Trade Promotion and Investment in HCM City said that HCM City had many incentives to attract foreign enterprises to invest in the service sector such as Finance, trade, transport - warehousing, postal - telecommunications and real estate. HCM City will create favourable conditions for Philippines enterprises to invest in projects of 7 groundbreaking programs in the city, including: Project on road construction of controlled-access highway 1, 2, 4; the metro line 2, 4, 6; the project on improvement of the water environment in phase 3; the high-tech zone in the field of fishery in Can Gio District; a Zone for solid and industrial hazardous waste treatment in Tay Bac, Cu Chi; and hospitals in Tan Kien - Binh Chanh.