National Assembly (NA) Chairman Vuong Dinh Hue attended the launch of the Vietnam – Thai Chamber of Commerce on December 8. He made several suggestions to enhance economic, trade, and investment ties between Vietnam and Thailand. His speech was part of a policy and legal forum in Bangkok during his official visit to Thailand.
|National Assembly (NA) Chairman Vuong Dinh Hue speaks at the event. Photo: quochoi.vn
The top legislator emphasized the potential for economic, trade, and investment ties between the two countries. To turn these areas into a true cooperation pillar, Vietnam and Thailand should reform their mindsets and visions with mutual trust, sincerity, openness, and a higher sense of responsibility. They should consider this as an invariable factor to respond to global and regional variables.
Vietnam and Thailand are not rivals, but rather complementary to each other despite their economic structure differences. They should work together to renew existing value chains and establish new strategic ones with higher added value. Cooperation in rice trading, electric vehicle production, and the semiconductor industry were suggested as potential areas.
Although Vietnam has a trade deficit with Thailand, increased Thai investment in Vietnam will help balance bilateral trade in the future. To strengthen economic, trade, and investment relations, the two countries should increase sharing experiences in building policies and laws related to enterprises, investment, and business. They should also step up connecting the two economies by implementing the enhanced strategic partnership for 2022-2027 and the “Three Connections” initiative, particularly connecting SMEs and localities. In addition, they should further facilitate Government-to-Government, association-to-business, and business-to-business cooperation.
|At the event. Photo: quochoi.vn
The two countries should also leverage their free trade agreements to promote trade in goods, enhance financial and monetary cooperation, and open their markets. The goal is to raise bilateral trade to USD 25 billion and beyond in a balanced and mutually beneficial manner. They should actively coordinate and consult with each other at multilateral business cooperation mechanisms. Vietnam is committed to creating a transparent, equal, and comprehensive legal framework to provide favorable conditions for foreign investors, including those from Thailand, to operate successfully in Vietnam. At the forum, the NA Chairman witnessed the launch of the Vietnam – Thai Chamber of Commerce (VTTC) and visited Udon Thani province where many Vietnamese people live.