Vietnam and Thailand Aiming for USD 25 Billion Trade Turnover in the Near Future

Vietnam and Thailand are making every effort to boost their trade turnover with the aim of reaching a target of USD 25 billion in the near future.

0
249

Prime Minister Pham Minh Chinh on October 25 proposed Vietnam and Thailand to enhance their strategic partnership to a higher level during the reception for Thai Deputy Prime Minister and Foreign Minister Parnpree Bahiddha-Nukara, who is currently on an official visit to Vietnam from October 25-26, VNA reported.

Chinh acknowledged Parnpree’s choice of Vietnam as his first overseas trip after being appointed as Deputy PM and FM of Thailand, stating that he believes this visit will contribute to deepening the strategic partnership.

The PM conveyed regards from Party General Secretary Nguyen Phu Trong, President Vo Van Thuong, and National Assembly Chairman Vuong Dinh Hue to the King, the PM, and other senior leaders of Thailand.

Vietnam, Thailand Strike for USD 25 Billion in Trade Turnover Soon
Prime Minister Pham Minh Chinh (R) receives Thai Deputy Prime Minister and Foreign Minister Parnpree Bahiddha-Nukara. Photo: VNA

Parnpree commended Vietnam’s socio-economic achievements and emphasized that there is still ample room for the two countries to strengthen their cooperation. He also affirmed that Vietnam is one of Thailand’s most important partners in the region.

Chinh proposed that the two countries increase exchanges of delegations at all levels and across all Party, State, Government, and legislature channels, and effectively implement bilateral cooperation mechanisms, especially joint cabinet meetings chaired by the two PMs.

In that spirit, the PM reiterated the invitation to his Thai counterpart to make an official visit to Vietnam in 2024, during which they will co-chair the 4th Vietnam-Thailand Joint Cabinet Meeting.

He also suggested that the two sides maintain meetings of the joint committee on bilateral cooperation, further materialize the action program implementing the Vietnam – Thailand Enhanced Strategic Partnership for 2022 – 2027, promote trade development and investment expansion, effectively implement the “Three Connections” initiative covering supply chains, economies, businesses, and localities, and cooperate in new fields such as digital transformation and green energy.

The PM noted that Thailand remains Vietnam’s largest trading partner in ASEAN and the 9th largest foreign investor, stating that the two countries should strive to soon bring bilateral trade turnover to USD 25 billion in a more balanced manner, limit trade barriers, and further facilitate import and export activities of goods.

He called on the Thai government to create more favorable conditions for the Vietnamese community to work, live, and study there, and praised efforts to increase direct flights between the two countries to facilitate economic, cultural, and tourism cooperation, as well as people-to-people exchanges.

Sharing Chinh’s views, Parnpree said Thai businesses are confident in the potential and investment environment in Vietnam, and want to expand investment in the country.

He called on the Vietnamese government to further support Thai investors in implementing projects in Vietnamese localities, including those on energy, and pledged that the Thai Government will support foreign businesses, including Vietnamese firms, in expanding investment in the country.

Thailand will maintain close coordination with Vietnam in multilateral and regional mechanisms, including Mekong sub-region development cooperation, and the sustainable management and use of Mekong River water resources, he said, adding that Thailand will also continue to work with Vietnam and other ASEAN countries to promote the solidarity, centrality, and viewpoints of the grouping, particularly on important matters like the East Sea issue.

Vietnam, Thailand Strike for USD 25 Billion in Trade Turnover Soon
Vietnamese Minister of Foreign Affairs Bui Thanh Son (R) and Thai Deputy Prime Minister and Minister of Foreign Affairs Parnpree Bahiddha-Nukara at the talks in Hanoi on October 26. Photo: VNA

On October 26, Vietnamese Minister of Foreign Affairs Bui Thanh Son and Thai Deputy Prime Minister and Minister of Foreign Affairs Parnpree Bahiddha-Nukara agreed to work together to elevate their countries’ strategic partnership to a higher level.

Both host and guest discussed directions to closely coordinate with relevant ministries and sectors of both countries to promote the effective implementation of important cooperation areas based on the action plan for carrying out the enhanced strategic partnership for 2022 – 2027.

Hannah Nguyen