Under the guidance of Philippine Minister of Industry and Trade Thomas G. Aquino, the group cooperated with the Vietnam Chamber of Commerce and Industry, Ho Chi Minh City Branch Office, to host a meeting in Ho Chi Minh City that drew more than 60 companies and business associations. At the meeting, Mr. Aquino said that the trade between the two countries has increased constantly in recent years, going from US$102 million in 2002 to US$354 million in 2006. This achievement resulted in part because the two governments have signed a number of trade agreements, such as those on trade and investment promotion. The Philippines now imports from Vietnam rice, cassava, motorcycle components and chipboards and it exports to Vietnam electric wire and devices use by the auto industry.
Mr. Aquino also said that many Philippine businesses are showing a growing interest in the Vietnamese market. The sixty Philippine businesses that have come to Vietnam at this time were involved in agriculture, confectionery and pharmaceutical production, fashion, garments, education, telecommunications, hotels, building materials, electric equipment and chemicals.
They came to Vietnam to find buyers for Philippine products as well as Vietnamese products that might sell well in the Philippines. The visit to Vietnam by these large Philippine business group indicates Philippine businesses growing interest in Vietnam. On this occasion, the Philippine Chamber of Commerce and Industry encouraged Vietnamese companies to increase their investments and exports to the Philippines. Foreign business people doing business in the Philippines do not need a visa and they can stay in the country for 49 days. Foreign businesses are welcomed to sign on agents and open representative offices in the Philippines. Philippine people are friendly and hospitable and foreign investors are able to transfer profits abroad at any time and in any currency.
Foreigners doing business in the Philippines can take out business loans. Because the Philippine government fully supports private sector development, business is thriving. English is the main language used in business transactions in this country. All in all, the Philippines is a promising market for Vietnamese companies.
Mr. Aquino said that in the coming months, the Philippine Chamber of Trade and Industry will be increasing both imports and exports and helping businesses in both countries find new opportunities and obtain information, paving the way for more expanded trade between the two countries. About 2,500 Philippine people are now in Vietnam (1,000 in Ho Chi Minh City) with most people working in finance and banking, advertising, property development, construction, hotel and tourism, and education. Most are well-trained, successful and capable people. They are a link that could increase businesses relations between the two countries.
At the meeting, Vietnamese business people showed interest in the Philippine market, particularly for processed food and agricultural produce. This meeting help VASEP (the Vietnam Association of Seafood Exporters and Producers), Vinafruit, Vinamilk, Trung Nguyen Coffee, the Tien Giang Food Company, and Tien Giang and Binh Thuan fruit and vegetable export companies meet their Philippine partners. At the meeting, the director of the Tan Long Trade-Services Company (District 2, Ho Chi Minh City), Phan Van Ngoan, said that although he has been to the Philippines, this meeting helped him learn more this market and he will revise his company's business plans.