HANOI, VIETNAM - President Ferdinand Marcos Jr. extended an invitation for Vietnamese companies to consider the Philippines as a partner for their expansion plans,

During a working luncheon with both Vietnamese and Filipino businessmen hosted by Prime Minister Pham Minh Chinh here on Tuesday, Marcos emphasized the potential for collaboration in key sectors like energy, infrastructure, automotive, and services.

"I encourage the esteemed Vietnamese businesses to look to the Philippines as their partner for expansion," Marcos Jr. said.

"The Philippines can serve as a secondary location in support of your manufacturing operations in Viet Nam, particularly in key sectors where we share complementary strengths," he added.

Filipino companies' success, according to Marcos, underscores the favorable business atmosphere in Vietnam. The President expressed his belief that, much like the Philippines, Vietnam is actively enhancing its business environment.

Marcos conveyed gratitude to Prime Minister Chinh of Vietnam for the warm reception extended to him and his delegation.

In 2022, the total trade between the Philippines and Vietnam reached US$6.18 billion, comprising exports worth US$1.72 billion and imports totaling US$4.46 billion. Vietnam holds a trade surplus of US$2.74 billion. During the President's state visit, both nations agreed to boost trade to US$10 billion annually.

Approximately 7,003 Filipinos reside in Vietnam, and in 2022, remittances from Overseas Filipino Workers in the country reached US$13,683,000.

The formal diplomatic ties between the Philippines and Vietnam were established on 12 July 1976, and in 2015, the two countries elevated their relations to a strategic partnership.