Vietnam, Thailand aim for bilateral trade of US$20 billion by 2020

09:18 | 24/05/2017 Trade Follow Ven.vn on

Vietnam’s Trade Promotion Agency signed a cooperative agreement with Thailand’s Kasikornbank on May 23 as part of a series of measures to boost trade between the two countries to US$20 billion by 2020.

Vietnam, Thailand aim for bilateral trade of US$20 billion by 2020

Deputy Minister of Industry and Trade Do Thang Hai speaking at the signing ceremony

Deputy Minister of Industry and Trade Do Thang Hai said bilateral trade has seen strong growth in recent years, with Vietnam being Thailand’s second largest trading partner in ASEAN, whilst Thailand is Vietnam’s largest trading partner in the region.

In 2016, the two-way trade value reached US$12.5 billion, up nearly 9% from the previous year.

At the second meeting of the Vietnam-Thailand Joint Committee on Trade in July 2015, the two countries set a target to increase the trade value to US$20 billion by 2020.

Deputy Minister Hai stated that this target will be entirely achievable when Vietnam and Thailand begin implementing joint trade agreements in the coming years.

As of January 1 2015, Vietnam cut the tax rates on 8,600 types of Thai products to zero percent and the remaining 669 will be eliminated in 2018 while Thailand has also abolished tariffs on 9,500 lines of Vietnamese goods since 2012.

In addition to being a large trading partner, Thailand is also a major foreign investor in Vietnam, ranking 10th amongst the 115 countries and territories investing in Vietnam, with a US$8.13 billion investment in 458 projects, as of March 2017.

The deputy minister said despite considerable growth in trade and investment cooperation, there is still much room for improving cooperation between Vietnam and Thailand.

The two governments are working together to help enterprises capitalise on tax preferences to increase exports.

Regarding investment, the Vietnamese government will introduce policies on auxiliary and materials industries to strengthen the connection between domestic enterprises and foreign-invested enterprises, focusing on Thai investors in particular.

NDO/VNA

See more news

Domestic poultry sellers face tough competition from imported chicken

07:00 | 11/03/2023 Domestic market

The market research company Ipsos published a report assessing the meat consumption and livestock market in Việt Nam on Wednesday.

Potential of Vietnamese farm produce valued in Italy

07:00 | 10/03/2023 Foreign trade

Renzo Piraccini, President of Cesena Fiera, has wished that Vietnam will join the Macfruit 2023 – a fruit and veg professional show in the Italian city of Rimini from May 3-5, on the occasion of the 50th anniversary of bilateral diplomatic ties to introduce its popular tropical farm produce such as dragon fruit, lychee and ginger.

Fresh produce exports set to grow

06:00 | 10/03/2023 Major exports

(VEN) - The Vietnamese fruit and vegetable sector poised for promising year as exports rose 3.1 percent in January 2023.

Cao Phong orange hits the shelves in UK

07:00 | 08/03/2023 Major exports

The Cao Phong orange from the northern province of Hoa Binh is now officially put up for sale in the UK, marking the return of this specialty to the global market after over 40 years.

Trade deal with UK bolsters Vietnamese exports

06:00 | 08/03/2023 Foreign trade

(VEN) - The United Kingdom is the world’s fourth largest importer, but Vietnam’s share accounts for less than one percent of its total import value, signaling ample room for increased Vietnamese exports to this market.

Vietnam enjoys trade surplus of over 2.8 billion USD in first two months

09:25 | 06/03/2023 Infographic

Total import-export revenue in the first two months of this year was estimated at 96.06 billion USD, down 13.2% year-on-year, with Vietnam posting a trade surplus of 2.82 billion USD, the General Statistics Office (GSO) has reported.

200 companies from 25 countries and territories exhibiting at Hortex Vietnam 2023

08:50 | 02/03/2023 Foreign trade

International Exhibition & Conference for Horticultural and Floricultural Production and Processing Technology (HortEx Vietnam 2023) opened in HCM City on March 1.

Positive outlook for Vietnam's coconut exports: experts

08:00 | 01/03/2023 Major exports

Maintaining raw material areas for the industry, improving the value of products, and ensuring incomes for farmers are major goals of Vietnam’s coconut sector this year, according to Vietnam Coconut Association.

January surplus signals good foreign trade year

06:00 | 27/02/2023 Foreign trade

(VEN) - Vietnam’s total import-export value in January 2023 was estimated at US$46.56 billion, with imports reaching US$25.08 billion, and exports US$21.48 billion, yielding a trade surplus of US$3.6 billion.

Bright prospects for growth in bicycle market

08:00 | 22/02/2023 Domestic market

With the decline of motorbikes, commuters have no choice but to rely on bicycles for short-distance travel, which is good news for bicycle sellers.

Latest Most Read

Offshore wind energy an essential base load power source: official

14:30 | 20/03/2023 Energy

Offshore wind energy has great potential to contribute to the energy security goals of Việt Nam, according to deputy head of the Party Central Committee's Economic Commission Nguyễn Đức Hiển.

Hòa Bình Province exports first batch of fresh sugarcane to US

14:19 | 20/03/2023 Major exports

The first 20-tonne batch of fresh sugarcane from Hòa Bình bound for the US was announced at a ceremony held in the northern mountainous province on Sunday.

Vietnam introduces automated sorting system

13:00 | 20/03/2023 Make in Vietnam

(VEN) - The successful design, manufacturing and operation of an automatic goods sorting system has contributed to optimizing the production process and cutting the costs of logistics enterprises. Vietnam Economic News’ Quynh Nga interviewed Dr. Phan Dang Phong, Director of the National Research Institute of Mechanical Engineering (NARIME) under the Ministry of Industry and Trade (MoIT), about this technology.

King Coffee and Tín Thành Group partner to build a tyre plant in the US

10:20 | 20/03/2023 Vietnamese Brands

Vietnamese King Coffee and Tín Thành Group have entered into a partnership to build a tyre filling and recycling plant in South Carolina, the US.

Vietnam joins ASEAN bazaar in Argentina

10:14 | 20/03/2023 Vietnam and other regions

The Vietnamese Embassy in Argentina, in collaboration with diplomatic missions of Malaysia, Thailand, the Philippines and Indonesia, all members of the Association of Southeast Asian Nations (ASEAN), organised an annual bazaar on March 18.

Trade deal with EU a hit so far

06:00 | 07/03/2023 Vietnam and EU

(VEN) - Vietnam's exports to the EU have seen positive growth more than two years after the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020. Vietnam Economic News’ Nguyen Hoa spoke with Nguyen Anh Duong, Head of the Central Institute for Economic Management’s (CIEM) Department for General Economic Studies about these developments.

Vietnam slow to exploit Pacific Rim trade opportunities

06:00 | 09/03/2023 Vietnam and other regions

(VEN) - Vietnam is looking back at the first three years of the Pacific rim trade deal known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with a sense of accomplishment, but also frustration at unmet challenges.

Trade deal with UK bolsters Vietnamese exports

06:00 | 08/03/2023 Foreign trade

Vietnamese pomelos star in UK market

06:00 | 06/03/2023 Vietnamese Brands

(VEN) - First Dien pomelos from the northern province of Hoa Binh are now available on the shelves of Longdan supermarkets in the UK, welcomed by the Vietnamese community in the country and local consumers.

Credit crunch burdens real estate market

06:00 | 03/03/2023 Finance-Banking

(VEN) - Credit plays a major role in the recovery of the real estate market, but in light of major debts, experts are advising that capital be provided only for reliable projects.

Multimedia

Video Longform Infographic Photo

Amazingly beautiful Ninh Thuan

09:13 | 20/03/2023 Video

(VEN) - The south central coastal province of Ninh Thuan is renowned for its beautiful, pristine beaches and vast white salt fields. Visitors are recommended to travel to the province from April to June to enjoy their summer vacations, and from August to October when the grape-harvesting season falls and unique local festivals of the Cham people take place.

Tra fish exports hold promise after China reopens borders

07:00 | 20/03/2023 Infographic

Tra fish exports are expected to recover shortly with China gradually reopening its borders.

Lao Cai Province welcomes first Chinese tourists after three years

08:49 | 17/03/2023 Tourism

Eighty Chinese tourists entered Vietnam via the Lao Cai International Border Gate on March 15 afternoon, marking the return of Chinese travellers to the northern mountainous province of Lao Cai after a three-year hiatus caused by the COVID-19 pandemic.

viet nams grilled bananas among worlds most delicious desserts

Việt Nam's grilled bananas among world’s most delicious desserts

06:00 | 20/03/2023 Lifestyle

CNN described the sweet course as crispy, smoky and fragrant, and best enjoyed with lightly sweetened creamy coconut milk and roasted peanuts.

a dish to try beef ore you go buon ma thuots famous beef in tamarind sauce

A dish to try beef-ore you go, Buôn Ma Thuột's famous beef in tamarind sauce

06:00 | 18/03/2023 Lifestyle

Many restaurant owners claim that the dish's fame is due to the special marinated ingredients that can be found exclusively in this hilly part of Việt Nam.

Policy

Animal feed industry asks for import tax reduction on raw materials

09:55 | 20/03/2023 Policy

The Government has received a proposal from the Vietnam Feed Association to eliminate the import tax on soybean meal, currently set at 2%.

Over 250 petitions submitted to authorities on fragility of petroleum regulations

18:07 | 16/03/2023 Policy

The petitions concern the alteration of petroleum business restrictions in decrees No.83/2014/ND-CP and No.95/2021/NQ-CP, resulting in losses for retail establishments.

New legal documents in second half of February 2023

07:00 | 12/03/2023 Policy

VEN lists the latest legal documents issued by the Vietnamese Government, ministries and state agencies.

Companies allowed to make bond payments with other assets

07:00 | 09/03/2023 Policy

Companies shall be allowed to make bond payments with other assets, according to the Government's recently-released Decree 08/2023/ND-CP issued.

Industry & Trade

Offshore wind energy an essential base load power source: official

14:30 | 20/03/2023 Energy

Uncorking bottlenecks for support industry development

06:00 | 18/03/2023 Industry

(VEN) - Vietnam is mulling legislation to boost the low localization rate of its industrial production and means to modernize its support industries and increase their participation in the local and foreign value chain.

Da Nang greens textile-garment industry

13:00 | 17/03/2023 Energy

(VEN) - Textile and garment enterprises in the southcentral coastal city of Da Nang are seeking to green their production through the use of renewable energy, waste reduction and wastewater standardization.

High cost of construction materials puts pressure on Việt Nam's construction industry

10:13 | 15/03/2023 Industry

According to contractors and investors in Hà Nội, while the price of cement has stabilised, other essential building materials such as steel and construction sand continue to increase in price.

Investment

Da Nang hopes for further investment from RoK city

09:13 | 17/03/2023 FDI

Secretary of the Da Nang municipal Party Committee Nguyen Van Quang said he hopes that the city of Daegu in the Republic of Korea (RoK) will cooperate with the Vietnamese central city and invest more in its hi-tech sector, along with education, training and tourism.

Initiative speeds up investment disbursement

06:00 | 14/03/2023 Domestic investment

(VEN) - Prime Minister Pham Minh Chinh has asked ministries, sectors and localities to ensure the quality and effectiveness of public investment projects and achieve a higher disbursement rate in 2023.

Hanoi builds synchronous policies to draw foreign investment

07:25 | 11/03/2023 FDI

A conference linking hundreds of Hanoi and Singaporean enterprises was held in the capital city of Hanoi on March 7. The event was co-hosted by the municipal Department of Industry and Trade, the Vietnam Trade Office in Singapore, the Singapore Chinese Chamber of Commerce and Industry (SCCCI) and the Vietnam Chamber of Commerce and Industry (VCCI).

Quang Ninh strives to complete procedures for 18 FDI projects in 2nd quarter

09:19 | 09/03/2023 FDI

The northeastern province of Quang Ninh is striving to complete investment procedures for 18 foreign direct investment (FDI) projects within the second quarter of this year.

Finance-Banking

Vietnam seeks response to corporate tax overhaul

06:00 | 20/03/2023 Finance-Banking

(VEN) - All European Union states and many other countries will introduce a global minimum tax (GMT) of 15 percent on large corporations by the start of 2024, and Vietnam is being urged to devise appropriate policies and adapt to the new taxation.

Vietnam’s regulatory interest rates to be reduced by 0.5-1 percent

07:05 | 16/03/2023 Finance-Banking

The State Bank of Vietnam (SBV) on March 14 issued two decisions to reduce regulatory interest rates by 0.5% to 1%, which will come into force on March 15.

Global Minimum Tax a head-scratcher for Vietnamese policymakers

06:00 | 13/03/2023 Finance-Banking

As many countries plan to adopt the Global Minimum Tax Rate (GMTR) in 2024, experts are concerned that the entry into force of the rate would discourage foreign companies from locating their operations in low-tax countries.

Program seeks to solve business capital needs

13:00 | 10/03/2023 Finance-Banking

(VEN) - A series of commercial banks have moved to reduce lending interest rates in response to strong messages by the Government and the State Bank of Vietnam (SBV) about supporting the economy and business sector.

Environment

Practical effective activities urged to mark World Water Day

10:03 | 20/03/2023 Environment

The Ministry of Natural Resources and Environment has asked other ministries, agencies, sectors, localities, and organisations to take practical and effective activities to mark the World Water Day (March 22), the World Meteorological Day (March 23), and the Earth Hour 2023 (March 25).

BKEET steams ahead with waste treatment

13:00 | 15/03/2023 Make in Vietnam

(VEN) - After research spanning 20 years, solid waste incinerators produced by the Bach Khoa Hanoi Energy and Environment Joint Stock Company (BKEET) are operating across the country.

Tree planting campaign targets carbon neutrality

06:00 | 13/03/2023 Environment

(VEN) - Vietnam has embarked on a nationwide tree planting campaign designed to benefit the environment and enhance the quality of life.

Can Tho, USAID foster collaboration to mitigate climate change effects

09:00 | 11/03/2023 Environment

Leaders of the Mekong Delta city of Can Tho on March 9 had a working session with a delegation from the United States Agency for International Development (USAID) led by its Administrator Samantha Power, during which the two sides discussed collaboration in climate change response and how to support people affected by the natural phenomenon.

Science - Technology

Vietnam introduces automated sorting system

13:00 | 20/03/2023 Make in Vietnam

Domestic ICT firms well-positioned to reach out to the world

06:00 | 20/03/2023 Science - Technology

Vietnam's information and communication technology (ICT) companies are well-positioned to make strong breakthroughs and reach out to the world in the near future, on the back of widespread Internet access, abundant workforce and support from authorities at all levels.

Innovation platforms boosting sustainable development announced

06:00 | 18/03/2023 Science - Technology

The Institute for Innovation and Development (IID) on March 15 held a “Drive Innovation for Impact” event to announce three digital innovation platforms boosting sustainable development.

Vietnam well-positioned to benefit from AI website

06:00 | 16/03/2023 Science - Technology

Artificial intelligence (AI) is poised to revolutionise economies, and Vietnam is well-positioned to reap the benefits and emerge a leader – both development and application, highlighted an article run at intelligent global legal research platform Lexology.com.

Vietnam, Thailand aim for bilateral trade of US$20 billion by 2020

See also

See more news

Multimedia