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Philippines encouraged to invest more in Vietnam

A trade and investment conference with the theme ‘ Vietnam - Investment destination’ was held on October 16 in Ho Chi Minh City for Filipino businesses to promote cooperation with Vietnam.

Addressing the event, which was organised by the Ho Chi Minh City chapter of the Philippines Business Group Vietnam, the Vice Chairman of Ho Chi Minh City’s People’s Committee, Le Manh Ha, said that trade and investment cooperation between Vietnam and the Philippines has developed significantly in various fields.
He said he hoped that the conference would help Vietnamese and Filipino businesses instigate joint projects and sign contracts with new partners.
Municipal authorities are committed to creating the best possible conditions for Filipino businesses to prosper and supporting them in their trade and investment activities, added Ha.
According to ambassador Jerril Santos , the Philippines is the 27 th biggest overseas investor in Vietnam, with a total investment of almost $300 million. In Ho Chi Minh City alone, there are currently 26 projects operated by Filipino businesses with a total capital of $46 million.
Although two-way trade between both countries has risen significantly, there is still room for further cooperation. The Philippines also encourages Vietnamese businesses to take part in the country’s investment and agricultural sectors, he said.
During the conference, representatives from various sectors in Vietnam and the Philippines gave presentations on the investment environments in both countries.
Relations between Vietnam and the Philippines and their strengths in food production and labour resources were also highlighted at the conference.

HCM City,Investments