Manila (VNA)ꦯ – Chairman of the VietnameseNational Assembly Vuong Dinh Hue on November 24 reiterated the goal of lifting two-waytrade between Vietnam and the Philippines to 10 billion USD in a more balancedmanner by 2026 when they celebrate the 50th anniversary ofdiplomatic ties.

Addressing the Vietnam-Philippines Investment-Trade Forum, Hue said the two countries share similarstrategic benefit values, with two-way trade hitting 7 billion USD. Vietnam will continue to perform well in farm produce trade,ensuring a high and stable export of rice at reasonable prices while stayingready to import products of the Philippines’ strength, he said. The NA leader informed participants that under its 2021-2030socio-economic development strategy, Vietnam has targeted rapid and sustainabledevelopment in the socio-economic and environment pillars. Despite the COVID-19 pandemic lastyear, the country still recorded one of the world’s highest growths of 2.58%. Sinceearly this year, its economy has made breakthrough recovery with quarter-on-quartergrowth. About 8.3% of the total GDP have been used to help citizens and businessesrecover from the pandemic. According to him, Vietnam has become one of the 20 countrieswith the world’s biggest trade and an attractive business destination. Thecountry now has investment relations with 141 countries and territories with135,000 valid projects worth 435 billion USD. It has also been named among the best 20 FDI destinations in the world by the United NationsConference on Trade and Development (UNCTAD). The two Governments and legislatures will offer all possiblesupport for investors and enterprises, he said, adding that the two economiesare not competitive but supplementary to each other. So far, Vietnam has beenthe only strategic partner of the Philippines in ASEAN while their geographicaldistance is close. President of the Philippine Senate Juan Miguel Zubiri, forhis part, hailed Vietnam for its vibrant and pro-business environment. He saidhe fully supports the strengthening of economic, trade and investment ties withVietnam. In order to draw more FDI, the Philippines had reduced corporateincome tax to 25% from 31%, which is applicable to Vietnamese firms, he added. Philippine corporate representatives expressed their interestin electric vehicles, apparel, and renewable energy. Several opinionshighlighted the potential of cooperation in cement, construction steel andmaterials, footwear, e-commerce and industry. Vietnamese Minister of Agriculture and Rural Development LeMinh Hoan said the Philippines and other ASEAN member states are always key marketsfor Vietnam’s farm produce. Meanwhile, Vietnamese Deputy Minister of Planning and InvestmentTran Duy Dong suggested further expanding bilateral ties in green growth,circular economy and innovation. Deals on export-import of cement and clinker, and distributionof vaccines against African swine flu in the Philippines were also signed atthe event. Inthe morning the same day, Chairman Hue laid wreaths at Rizal Monument and PresidentHo Chi Minh Monument at ASEAN Park./.