The turnover hit USD 4.21 billion in the first half of this year, of which USD 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 USD 1.2 billion, up 40.9% year-on-year, accounting for 41% of Vietnam’s total from this market.

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Rice is Vietnam's key export product to the Philippines

In the reviewed period, Vietnam spent nearly USD 1.28 billion importing products from the Philippines, up 19.5% year-on-year, mainly computers, electronic products and components with USD 779.2 million, equipment, tools and spare parts USD 132.3 million, and metals of all kinds USD 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 curb domestic inflation.

Source: VNA