MANILA - Vietnam is the Philippines' foremost rival for investments, as businessmen look to Southeast Asia for growth, a British business group said Tuesday.

A recent investment summit in the UK involving some 80 companies underscored "strong focus" in Southeast Asia, said British Chamber of Commerce of Philippines chairman Chris Nelson.

The Philippine and Vietnamese economies are growing at some of the fastest paces around the world and interest in both countries help bring attention to the entire region, he said.

British companies have expressed interest to partner with small businessmen in education, health and beauty products, food and drink, consulting, specialized machinery and renewable energy, Nelson told ANC's Early Edition.

"We are now following up with these companies on the next steps," Nelson said.