Vietnamese investments in the Philippines are expected to exceed USD100 million by the end of 2026, Vietnamese Ambassador Lai Thai Binh said Wednesday.

At a reception marking Vietnam’s National Day, Lai said Vietnamese companies had invested more than USD90 million in the Philippines, accounting for nearly 70% of cumulative Vietnamese investments in the country to date.

The two countries also aim to increase bilateral trade by 30% to USD10 billion this year. Trade between the Philippines and Vietnam reached nearly USD8 billion in 2025, making Vietnam the Philippines’ 11th-largest trading partner.

Lai said Vietnamese rice has consistently accounted for about 80% of the Philippines’ total rice imports, while the Philippines accounts for nearly half of Vietnam’s rice exports.

“As we look ahead to the next 50 years, amidst an era of profound global changes, Vietnam and the Philippines share a compounding responsibility. First, we must further deepen our economic cooperation, recognizing that development is not secondary to security; rather, development is one of the very foundations of enduring security,” he said.

Foreign Affairs Undersecretary Maria Andrelita Austria said Manila will work to achieve a “balanced trade relationship” with Vietnam by expanding two-way trade opportunities, improving market access, and reducing trade and investment barriers.

In a separate interview with the Philippine News Agency, Lai said the two countries are working on a new plan of action to facilitate practical cooperation in several areas under their newly established Enhanced Strategic Partnership.

“The two countries have been able to upgrade our relation to enhanced strategic partnership. This is very important for both countries, and it’s not just a name; it’s a real upgrade of the very close and special relation between the two countries,” he said.

“We hope that the new partnership will contribute a lot, not only to the benefits of our two peoples, but also to the region,” he added.

The Philippines and Vietnam formally established diplomatic relations on July 12, 1976. The two countries elevated their ties to an Enhanced Strategic Partnership during Vietnamese President To Lam’s state visit to Manila in June.(PNA)