10:21 | 21/08/2015 Trade
(VEN) - The official visit to Thailand by Vietnamese Prime Minister Nguyen Tan Dung brought a significant meaning in a context where the two countries are promoting cooperation in numerous sectors. The visit contributed to deepening the strategic partnership between the two countries.
Vietnamese Minister of Industry and Trade Vu Huy Hoang (fourth from the left) and Thai Minister of Commerce Chatchai Sarikulya (middle) co-chair the second meeting of the Joint Trade Committee between Thailand and Vietnam
Vietnamese Prime Minister Nguyen Tan Dung and his Thai counterpart Prayut Chan-ocha co-chaired the third Joint Cabinet Retreat. This was the first session after the two countries established the strategic partnership in 2013 and the two sides agreed many important cooperation contents such as regularly organizing high-level visits and improving efficiency of cooperative mechanisms.
The two government leaders also agreed on effectively implementing the action plan on trade and investment cooperation during the 2015-2020 period and striving to reach trade growth of 13-15 percent a year in order to aim at more than US$20 billion in total two-way trade turnover by 2020.
The two countries carried out the second meeting of Thai-Vietnamese Joint Trade Committee co-chaired by Vietnamese Minister of Industry and Trade Vu Huy Hoang and Thai Minister of Commerce Chatchai Sarikulya. This meeting focused on discussing specific measures to enhance cooperation in all fields such as strengthening trade promotion activities, overcoming difficulties and promoting exchange of agricultural products, enhancing transport connections between the two countries in the framework of the Greater Mekong Sub-region Cross-Border Transport Agreement, devising investment protection mechanisms and considering the establishment of Thai-Vietnamese Business Council.
Thailand and Vietnam conducted discussion on effective cooperation mechanisms in fisheries, food and rubber and payment methods for goods and services in the Vietnamese and Thai currency.
Economic and trade cooperation has been praised in recent time with a continuous increase in two-way trade turnover. Thailand remains the largest trade partner of Vietnam in the ASEAN region. According to statistics, two-way trade turnover between the two countries reached US$9.4 billion in 2013 and US$10.6 billion in 2014. This figure is expected to stand at US$12 billion in 2015.
Thailand ranked 10th among the 101 countries and territories investing in Vietnam by the end of June with total registered capital of nearly US$6.8 billion focusing on manufacturing industry, agro-forestry-fishery processing, construction, wholesale and retail. Vietnam currently has seven investment projects in Thailand with total capital of US$11.35 million focusing on real estate, household appliances, tourism, software and computers.
Vietnamese Prime Minister Nguyen Tan Dung confirmed to create the most favorable conditions for Thai investors and hopes Thailand to be one of Vietnam’s leading investors in the near future. Meanwhile, Thai Prime Minister Prayut Chan-ocha said that Thailand was promoting investment in some large projects in Vietnam. In terms of tourism, Thai visits to Vietnam ranked 10th among foreign visits and fourth among the ASEAN countries. This is a potential sector and the two sides agreed on implementing measures to increase the number of Thai visitors to Vietnam to one million people.