Vietnamese President Truong Tan Sang has proposed measures to enhance trade and investment between the Philippines and Vietnam, including agreements in civil aviation and make Filipino businessmen participate in the privatization of Vietnam’s state-owned enterprises (SOEs).
“I would like to see direct flights between Hanoi and Manila,” Sang said in his meeting with Filipino businessmen during the Vietnam-Philippines Business Forum at the Hotel Sofitel Philippine Plaza on Thursday.
He said this would help facilitate trade and investment between the two countries.
“We hope the Philippine and Vietnamese businessmen will have more extensive partnerships so we can reach the $3-billion target for bilateral trade. It is not that big. One or two zeroes added to that will be much better,” he said.
Trade Secretary Gregory L. Domingo said trade between the Philippines and Vietnam reached $2.17 billion in 2010 and the figure can be surpassed this year.
The Philippines, he said, has about 55 companies in Vietnam with combined registered capitalization of $275 million, including San Miguel Corp., Jollibee Foods Corp., Liwayway Marketing and United Laboratories.
Sang said Vietnam continues to privatize SOEs and give priority to international investors on this.
“The Philippines can become our strategic partner. Your success is our success, and your failure is our failure. When you come to Vietnam, you will find favorable business environment,” he said.
Before the forum with Sang, business-matching sessions were conducted between the business delegates of Vietnam and their Philippine counterparts.
At the event, Filipino IT firm IP Ventures Inc. signed an agreement with the Viet Thai International Joint Stock for the marketing of Vietnamese brand Highlands Coffee in the Internet café’s of IP Ventures.
IP Ventures also pledged, under the agreement, to invest an additional $25 million for the distribution of Highlands Coffee through the rollout of at least 200 retail outlets.
IP Ventures owns the IP Converge Data Center Inc., Prolexic Technologies Inc., X-Play Online Games Inc., I-Pay Commerce Ventures Inc. and the publicly listed IP E-Game Ventures Inc.
