Việt Nam, Thailand aim for $25 billion in trade turnover

Thailand is Việt Nam’s largest trading partner in ASEAN and the ninth largest foreign investor into Việt Nam.

Việt Nam and Thailand is expected to reach US$25 billion in trade turnover, removing trade barriers and facilitate goods transport between the two countries.

Thailand is Việt Nam’s largest trading partner in ASEAN and the ninth largest foreign investor into Việt Nam.

The topic was discussed at talks between Prime Minister Phạm Minh Chính on Wednesday and Thai Deputy Prime Minister and foreign affairs minister Parnpree Bahiddha-Nukara during the latter’s official visit to Việt Nam on Wednesday.

This year also marks the 10th anniversary of the strategic partnership between the two countries.

Praising Việt Nam’s socio-economic achievements, the Thai official believed that the two economies have room for further cooperation, adding that Thailand sees Việt Nam as one of the key partners in the region.

PM Chính also expressed his pleasure that the strategic partnership is strengthened, especially through high-level delegation exchanges and bilateral cooperation mechanisms.

He also suggested the two sides maintain joint committee meetings on bilateral cooperation, as well as the implementation of the action plan for enhanced strategic partnership for 2022-2027.

The two countries should also promote trade and investment, particularly the initiatives of three connections between the supply chains; between industries, localities and businesses; between sustainable and green growth strategies; as well as new areas such as digital transformation and green energy, said the Vietnamese Government leader.

Deputy PM, foreign minister Bahiddha-Nukara said that Thai companies believe in the potential of the investment environment in Việt Nam and hope to expand their operations.

He asked that the Vietnamese Government continue supporting Thai investors in realising projects across Việt Nam, including those in the energy sector.

The Deputy PM added that the Thai government facilitates the operations of foreign businesses, including those from Việt Nam, in their investments in Thailand.

The Thai official also said that Thailand will coordinate more closely with Việt Nam in regional and multilateral cooperation mechanisms, including the Mekong Subregion and the sustainable use and management of water sources in this area.

Thailand will continue to work with Việt Nam and other ASEAN countries in the spirit of solidarity, promoting the central role and stance of ASEAN in important issues, such as the East Sea (known internationally as the South China Sea) issues.

PM Chính also asked that the Thai government create favourable conditions for the Vietnamese community in Thailand, and welcomed the increased flights between the two countries for better economic, cultural, tourism cooperation and people exchanges.

He also sent regards on behalf of Party General Secretary Nguyễn Phú Trọng, President Võ Văn Thưởng and National Assembly Chairman Vương Đình Huệ to the King, Prime Minister and leaders of Thailand.

PM Chính also extended his invitation to the Thai Prime Minister to pay an official visit to Việt Nam and co-chair the fourth Việt Nam-Thailand Joint Cabinet Meeting in 2024.