Phl, Vietnamese agri-business opportunities presented during roundtable discussion

Delegates from the government and business sector of the Philippines and Vietnam gathered to explore opportunities for partnership in agri-business. Led by officials of the Department of Agriculture (DA) and representatives from the Ministry of Agriculture and Rural Development (MARD), areas of possible trade and investment joint venture, especially in the rice sector, in the Philippines and Vietnam were presented in the Roundtable.

The Philippines-Vietnam Agri-business Roundtable Discussion was hosted by DA on the margins of the Third Joint Committee on Agriculture between the two counties held on the 15^th and 16^th of October.

Following the signing of the Memorandum of Understanding on Cooperation in Agriculture and Related Fields between DA and MARD in January this year, the two agencies have been embarking on cooperation activities that promote the vision of two ministers for the bilateral economic relations between the two countries.

Agriculture Secretary Francisco Tiu Laurel, Jr. and Agriculture Minister Le Minh Hoan have committed to elevate the economic relations between the Philippines and Viet Nam into investment partnerships.

The Philippines and Vietnam are poised to deepen their economic ties as both countries experience strong economic growth and the value of agricultural trade between them in 2023 was over 2 billion US dollars in 2023 based on the data of the Philippine Statistics Authority, according to DA Assistant Secretary Paz Benavidez.

Asec. Benavidez highlighted that, through the roundtable discussion, Philippine and Vietnamese businesses can explore not only possible trade partnerships, but also potential joint ventures in agri-business.

“The Philippines is an attractive destination for Vietnamese agricultural investments. Our country offers a strategic opportunity for Vietnamese companies to expand market presence internationally. Vietnamese agri-tech firms could also bring advanced technology and expertise that can significantly enhance agricultural practices in the Philippines,” Asec. Benavidez shared.

Assistant Secretary for Agribusiness, Marketing, and Consumer Affairs, Atty. Genevieve Velicaria-Guevarra, considers that the