Thailand, Vietnam drive towards US$20 billion in trade

06:00 | 03/05/2021 Cooperation

(VEN) - Thailand and Vietnam have lifted their bilateral ties to the level of enhanced strategic partnership since 2015. The two economies have become closer and been active in the realization of the goal of building the ASEAN Economic Community.

thailand vietnam drive towards us 20 billion in trade

Economic, trade andinvestment ties between Thailand and Vietnam are considered an impressive highlight in bilateral relations. Thailand is now the largest trade partner of Vietnam in ASEAN. In the 2015-2019 period, bilateral trade turnover yielded an average growth of 8.1 percent per year. Although two-way trade turnover dropped in 2020 due to the impact of the Covid-19 pandemic, it still reached nearly US$16 billion, accounting for 30 percent of total trade turnover between Vietnam and ASEAN countries.

Thailand was among the top ten foreign investors in Vietnam in 2020 with total capital of more than US$12.3 billion. In addition, partnerships in other sectors such as energy, culture and tourism have created encouraging outcomes.

The year 2021 marks the 45th anniversary of bilateral diplomatic relations, creating a driving force for the two countries to promote trade and investment. Despite difficulties posed by the Covid-19 pandemic, the Thai Ministry of Commerce and the Thai Embassy in Vietnam have boosted trade efforts, including the organization of the Top Thai Brands Hanoi 2021 event. At the four-day event, more than 30 online booths were in place to connect Thai exporters to Vietnamese importers and 60 on-site booths of Vietnamese importers and agents displaying and selling quality products from Thailand.

thailand vietnam drive towards us 20 billion in trade
Vietnam and Thailand strive to promote their trade relations

Thai Embassy representative Morakot Janemathukorn said the Top Thai Brands Hanoi 2021 is an important trade promotion event to reboot the business connection between Vietnamese importers and Thai exporters, contributing to trade relations between the two countries and strengthening trade cooperation within the ASEAN bloc. She expressed her hope that the two sides would continue to support each other in organizing trade promotion activities.

More than 100,000 Thai people of Vietnamese origin living in Thailand are expected to provide a bridge for trade promotion between the two countries. In addition, the 13 pairs of Vietnamese and Thai localities that set up twining relations have facilitated businesses in seeking cooperation opportunities. Vietnam has also asked Thailand to further facilitate the distribution of Vietnamese fruit in the Thai market, in order to reduce Vietnam’s trade deficit with Thailand, while encouraging Thai businesses to boost investment in Vietnam in high-tech agriculture and tourism.

In the online talks between Vietnamese Deputy Minister of Foreign Affairs Nguyen Quoc Dung and Permanent Secretary for Foreign Affairs of Thailand Thani Thongphakdi, the Thai official said his country attaches importance to Vietnam and has worked to consolidate and strengthen the friendship. The two officials also targeted a balanced trade and set a goal of US$20 billion in annual bilateral trade. In particular, the two countries will continue their close collaboration within sub-regional cooperation frameworks, in building the ASEAN Community, and in accelerating the ratification and implementation of the Regional Comprehensive Economic Partnership (RCEP).

Thailand and Vietnam have agreed to deepen their enhanced strategic partnership in an effective manner, increase the exchange of all-level visits, and maintain bilateral cooperation mechanisms

Hoa Quynh