The Vietnam Trade Office in the Philippines has identified potential for cooperation between the Philippines and Vietnam in the coconut industry, despite the Philippines' dominance in the market. The Vietnam Coconut Association and the Coconut Management Authority of the Philippines have agreed to explore this potential through various programs and goals to promote Vietnamese coconut products in the Philippine market. The Philippines is a leading producer of coconuts, with a total growing area of about 3.6 million hectares and an annual harvest of around 14-15 billion coconuts. However, a lack of raw materials limits its annual production to about half of its capacity. The country processes around 167 factories that process coconut products, producing a wide range of products from coconuts.