While maritime security remained the overarching concern for the Philippines and Vietnam, both nations are aware of the role economics will play in forging peace in the region. | INQjacobreports /PDI
While Indonesia remains the largest economy in Southeast Asia, Vietnam and the Philippines have been trading places in terms of economic growth.
Vietnam led the region in terms of gross domestic product growth the past two years , but global developments have cut forecasts. Philippine economic growth for 2023 is projected at a similar 6.0- to 7.0-percent range with even better outlooks for 2024.“Considering the changing landscape of global security and challenges, the visit also paved the way for the Philippines and Vietnam to explore new areas of cooperation such as the digital economy, renewables and food security,” the Department of Foreign Affairs said in a statement on Friday.
Manila and Hanoi for decades have been locked in disputes in the South China Sea, particularly the Spratly Islands, for decades. Even so, the DFA said the foreign secretary’s visit to Hanoi underscored the robust relations that the Philippines enjoys with Vietnam, particularly in areas such as political, defense and security, economic, maritime cooperation and socio-cultural cooperation.Subscribe to our daily newsletter
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