HANOI, VIETNAM – Department of Trade and Industry (DTI) Secretary Fred Pascual called for deeper economic collaboration and stronger investment deal between the Philippines and Vietnam during the welcome networking reception for the Philippine business delegation on 29 January 2024, at the sidelines of the Presidential Visit in Vietnam.

In his address, Secretary Pascual welcomed business leaders as he emphasized the shared economic aspirations of both countries and the significance of leveraging their unique strengths for sustainable growth.

 “We gather here not just as business leaders from two distinct nations but as partners in a journey toward shared prosperity and sustainable growth. Our two countries have rich cultures, hardworking people, and immense potential,” said Secretary Pascual.

The DTI chief also stressed that harnessing mutual growth and economic prosperity will revamp the economic landscape of Southeast Asia, particularly the Philippines and Vietnam, as a unified and attractive region for sustainable and inclusive development.

According to the DTI, the Philippines is an ideal destination for foreign investments, citing recent policy initiatives as well as economic reforms that diversify production locations and minimize supply chain disruptions. These include opening up more sectors to foreign ownership and improving the ease of doing business.

Secretary Pascual expressed his vision of a future where Filipino and Vietnamese businesses thrive through cross-border collaboration, including increasing the export of Filipino products and brands into the Vietnamese market. Likewise, he enjoined Filipino businesses to learn from their Vietnamese counterparts and explore opportunities for investment and collaboration in Vietnam.

“Our collective goal must be to create an environment where businesses can compete fairly, flourish, and contribute to generating jobs and sustainable economic growth for both the Philippines and Vietnam,” said the DTI chief. ♦

Date of release: 30 January 2024