At the sidelines of President Ferdinand Marcos Jr.’s official visit in Vietnam, Department of Trade and Industry (DTI) Secretary Alfredo Pascual attended a number of meetings in an effort to deepen economic collaborations and bolster investment deals between the two countries.
In his address during the welcome networking reception for the Philippine business delegation, Secretary Pascual said 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.
He presented the Philippines as 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.
The Secretary 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,” he stressed.
Also at the sidelines of the Presidential Visit, Secretary Pascual convened executives from leading Philippine companies operating in Vietnam for a strategic roundtable meeting. This exclusive meeting provided a platform for open dialogue which allowed business leaders to share their insights on doing business in Vietnam.
The Secretary emphasized the DTI’s commitment to actively address the challenges faced by Filipino companies in Vietnam. The discussions were aimed at identifying solutions and creating a more supportive environment that fosters further expansion and investment.
The roundtable likewise explored promising opportunities for Philippine business growth in Vietnam where participants identified key sectors and areas ready for expansion.
Further, in line with the DTI’s efforts to promote investments in the green metals industry, Secretary Pascual together with President Marcos met with the Vingroup Company, Vietnam’s largest private company. He welcomed the entry of VinFast, a subsidiary of the Vingroup Company planning to sell and launch their electric vehicles (EVs) in the country through dealership business by April 2024.
He also highlighted the government’s initiatives in promoting the country’s EV industry through the Public Utility Vehicle (PUV) Modernization Program and the E-Trike Project of the Department of Energy (DOE), which have been successful in increasing the number of e-jeepneys and e-tricycles.
Highlighting the current administration’s steadfast efforts to create a conducive environment for investments, the Secretary discussed the Ease of Doing Business (EODB) Act and the recent Executive Order No. 18 on Green Lanes for Strategic Investments. He cited this can support VinFast’s outlook to diversify its market and explore mineral processing in the Philippines.
Apart from the EV industry, he also encouraged the Vingroup Company to look for investment opportunities in the tourism and healthcare sectors.
