The turnover reached US$4.21 billion in the first half of this year, of which US$2.93 billion came from Vietnam’s exports, up 17.6% against that in the same period last year.
Prominent among Vietnamese exports was rice, with its revenue of US$1.2 billion, up 40.9% year-on-year, accounting for 41% of Vietnam’s total from this market.
Throughout the reviewed period, Vietnam spent nearly US$1.28 billion importing products from the Philippines, up 19.5% on-year, primarily computers, electronic products and components with US$779.2 million, equipment, tools and spare parts US$132.3 million, and metals of all kinds US$103 million.
In the coming time, Vietnam's rice exports to the Southeast Asian country are expected to benefit from Manila's new import tax reduction regulation.
In a meeting held in early June, the Philippine government announced that it will reduce the rice import tax from 35% to 15% starting this year to 2028 in order to keep domestic inflation in check.
