Vietnam, Thailand vow to reach two-way trade of $25bn soon
Vietnam, Thailand vow to reach two-way trade of $25bn soon
Vietnam and Thailand have determined to bring bilateral trade to US$25 billion soon by expanding mutual trade and investment, and facilitating market access for each other’s goods, as recently pledged by senior officials of both countries.
Visiting Vietnamese Minister of Foreign Affairs Bui Thanh Son (L) shakes hands with Thai Prime Minister Srettha Thavisin in Bangkok on April 11, 2024. Photo: Vietnamese Ministry of Foreign Affairs |
Vietnamese Minister of Foreign Affairs Bui Thanh Son and Thai Deputy Prime Minister and Minister of Foreign Affairs Parnpree Bahiddha-Nukara co-chaired the fifth Meeting of the Vietnam-Thailand Joint Commission for Bilateral Cooperation (JCBC) in Bangkok on Thursday, as part of the former’s three-day visit to Thailand starting Wednesday at the latter’s invitation.
The meeting undertook a comprehensive review of the bilateral cooperation over the past time, outlined directions to deepen ties in all fields, and discussed preparations for the upcoming official visit by Thai Prime Minister Srettha Thavisin to Vietnam.
Thavisin and his Vietnamese counterpart Pham Minh Chinh will co-chair the fourth joint cabinet meeting during that visit.
The Vietnamese FM and his host expressed pleasure to see the Vietnam-Thailand enhanced strategic partnership developing more practically, intensively, and extensively on the basis of mutual respect, trust, and benefits.
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| Thai Princess Maha Chakri Sirindhorn (R) receives Vietnam’s Minister of Foreign Affairs Bui Thanh Son at their meeting in Bangkok on April 11, 2024. Photo: Vietnamese Ministry of Foreign Affairs |
Thailand remains Vietnam’s largest trading partner in the Association of Southeast Asian Nations (ASEAN), with annual bilateral trade surpassing the $20 billion mark in 2022.
The kingdom currently ranks ninth among countries and territories investing in Vietnam.
The host and guest agreed to expand business and investment cooperation between enterprises of both countries, and facilitate market access for the two sides' goods by easing trade defense measures in order to push the bilateral trade to $25 billion in the near future in a more balanced way.
Besides trade and investment, collaboration in other areas such as defense, security, education, culture, tourism, finance, and people-to-people exchanges has continued to flourish over time.
Son reaffirmed Vietnam's consistent policy on highly valuing and wishing to further strengthen its strategic partnership with Thailand in all spheres, while Parnpree highlighted Vietnam as a leading partner of Thailand in the region and expressed his hope to elevate the relationship to a new height.
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| Vietnam’s Minister of Foreign Affairs Bui Thanh Son (L) and Deputy Prime Minister and Foreign Minister of Thailand Parnpree Bahiddha-Nukara shake hands at their meeting in Bangkok on April 11, 2024. Photo: Vietnamese Ministry of Foreign Affairs |
The Thai official agreed with Son about the need to explore cooperative opportunities in digital transformation, digital economy, digital society, and e-government, while beefing up collaboration in green economy, circular economy, innovative ecosystem development, and connectivity of innovation startup networks.
The two officials concurred that the two governments should form a collaborative working group aimed at developing targeted initiatives related to supply chains, fair energy transition, electric vehicle infrastructure, and advanced agricultural practices.
This effort falls within the framework of the 'three connectivity' drive jointly adopted by both countries in 2022, which includes the interlinkages between supply chains, economic sectors, and sustainable growth strategies of both nations.
As part of his visit, Minister Son met with Thai Princess Maha Chakri Sirindhorn earlier on the same day, thanking the Thai king and the princess herself for their sentiments for Vietnam, reflected in the princess-composed song named ‘Vietnam An Long’ (Vietnam at Peace), which she performed at Chulalongkorn University last month.
The Vietnamese diplomat also paid a courtesy visit to Thai Prime Minister Thavisin, during which Son affirmed that the Vietnam - Thailand cooperative ties are at their best time ever, and called on both sides to further facilitate bilateral trade toward the target of $25 billion in the coming time.
Vietnam and Thailand established diplomatic relations in 1976 and the two nations entered a strategic partnership in 2013. They then upgraded it to the enhanced strategic partnership in 2019.
