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 II.  BILATERAL TRADE WITH THE PHILIPPINES
     Value in US$ Million

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Vietnam is RP's 16th trading partner with US $1.02 billion in total trade in 2006. It is the 16^th export market and 15^th import source of the Philippines ,

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• Vietnam is one of the fastest growing economies in Southeast Asia with a GDP growth rate reaching 8.2% in 2006.
  
  

• The spending power of the Vietnamese consumers reflects higher incomes especially Ho Chi Minh City largely due to the pooling of resources by several members of the household and the fact that many Vietnamese hold several jobs.
  
  

• The Vietnamese are highly conscious of status and of available brands. The Honda Dream II motorbike is a prime example of consumer preference. Though costing approx. $3000, which is more than rival brands from Taiwan , it commands a leadership position in sales. In many ways, it is the ultimate status symbol of average Vietnamese. The same is true of Sony televisions, which sell at a premium over equivalent brands.
  
  

• Though they tend to be thrifty people, they aren't shy about shelling out the cash for luxuries such as branded products and quality restaurants, within the limits of each household. Finding the best bargain is not as important in Vietnam as it is in other developing countries.
  
  

• Television channels and other media are rapidly expanding as well as infrastructure (electricity, telecommunications) allowing better access for consumers even in remote areas. They usually pay close attention to advertisements especially television commercials.
  
  

• The demand for nutritious products like fruit juice, canned food etc. is increasing strongly, speeding up retail revenue in the market. Besides food, personal care products and household wares have the highest growth rates. Since 2000, the turnover of clothes, footwear and cosmetics have increased at an average levels of 11% to 14% yearly.
  
  

• Vietnam has promising prospects in the skin care products, color cosmetics and fragrances, reflecting a growing consumer desire for luxury products.
  
  

• Vietnam has a large youth market, which is more appearance conscious than previous generations and more willing to spend on expensive and premium quality products .
  
  

• Vietnam Infrastructure Report 2007, forecasts that the construction industry will record   7-8.5 % growth over the 2007-2010 period. This will be fuelled by strong demand for housing, office buildings, hotels and ongoing infrastructure projects. The growing domestic affluence has also led to an upsurge demand for well planned residential areas, quality housing and amenities by both locals and expatriates.

Source: www.tdctrade.com

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1. www.asianinfo.org - country reports of selected  asian nations. Free Access 
   
   

2. www.tdctrade.com-  latest information on selected countries. FREE access
   
   

3. www.adb.gov-statistical information on selected member countries. FREE access

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