The Philippines and Vietnam have committed to expanding bilateral trade to $20 billion while addressing imbalances in agricultural deals following President Tô Lâm’s recent visit.
Agriculture Secretary Francisco Tiu Laurel Jr. said the Department of Agriculture is working to boost Philippine exports to Vietnam and improve enforcement of trade contracts, especially for rice. Vietnam remains the largest source of imported rice for the Philippines, contributing to a trade deficit of around $2.7 billion.
Tiu Laurel noted that Vietnamese suppliers sometimes rescind contracts when prices rise. He said the issue will be raised in future talks to make arrangements more reliable.
The two countries elevated relations to an Enhanced Strategic Partnership during the visit. They also signed a Tourism Cooperation Program for 2026-2029 that includes plans for more direct flights.
