Philippine and Vietnamese companies today signed 15 memoranda of understanding (MOUs), the highest number of private-sector deals signed between the two countries since the establishment of their diplomatic relations 50 years ago.
This developed as President Ferdinand Marcos Jr. and visiting Vietnamese President To Lam issued a joint statement expressing their desire to surpass the USD10 billion bilateral trade target and achieve a more balanced trade relationship through the expansion of two-way trade opportunities, improved market access, and the reduction of trade and investment barriers during the Vietnamese leader’s state visit to the Philippines on June 1, 2026.
Last year, the Philippines imported USD1.3 billion worth of products from Vietnam, largely rice.
Meanwhile, the Philippines exported more than USD424 million worth of digital integrated circuits and over USD200 million worth of electric motors.
Ferdinand “Perry” Ferrer, president of the Philippine Chamber of Commerce and Industry (PCCI), said the MOUs cover investments in manufacturing, energy, services, and tourism, among other sectors.
The PCCI and the Vietnam Chamber of Commerce and Industry led the MOU signing ceremony. Both business chambers agreed to cooperate in promoting trade and investment.
While there is no estimated value for the signed deals, Ferrer expects the MOUs to yield more concrete results within three months through follow-up business missions between the parties.
The MOUs signed include an agreement between PV Gas and Petreon Corporation; three MOUs involving Vietnam Airlines, Saigon Tourist, and their partners—the Philippine Department of Tourism, Trip.com, and Philippine Airlines; and three MOUs between Vietnam National Chemical Group and its partners—Sun Prince TBA Group, Puregold Price Club, and Planters Products.
Also signed were two MOUs between Viettel Cyber Security Company and its partners, Global Sapphire Filipinas and Gocom Systems; and two MOUs between Vinpearl and its partners, Klook Travel Technology Philippines and the Philippine Independent Travel Agencies Association.
The remaining MOUs include an agreement between the Vietnam Association for Research and Application of Biomedical Technology and Unciano Medical Center and Colleges, National University Manila, and Centro Escolar University; an MOU between Hekate and Villgro Philippines; and an MOU between Victoria Investment Group Joint Stock Company and Jet Construction and Development Group.
