Businesses central to take Vietnam-Thailand trade revenue to US$30 billion by 2025
The cross-border interoperable QR code payment linkage between the two countries would promote trade, tourism, and the use of the local currencies of each country.
Businesses, which play an imporant role in economic development, will take Vietnam-Thailand's bilateral trade turnover to US$30 billion by 2025, State President Nguyen Xuan Phuc at the Vietnam-Thailand High-level business meeting on November 17.
| Vietnam's President Nguyen Xuan Phuc at the meeting. Photos: VNA |
According to Phuc, Vietnam and Thailand are strategic partners and support each other in bilateral and multilateral cooperation mechanisms.
"The two countries' enterprises would strengthen cooperation and experience sharing in high-potential fields, such as digital economy, energy, food security, green growth, and sustainable development," Phuc said.
He expressed his satisfaction with launching the interoperable cross-border QR code payment connection between the two countries, saying this is proof of practical cooperation between the authorities, businesses, and banking sectors of Vietnam and Thailand.
“This would further promote trade, tourism, and especially the use of local currencies of each country,” Phuc said.
Phuc said for the past ten years, Thailand has been one of Vietnam’s largest trading partners and pointed out the agreement with Thai’s Prime Minister Prayut Chan-o-cha over the bilateral trade target of $25-30 billion by 2025.
| State President Nguyen Xuan Phuc and representatives of businesses from Thailand and Vietnam. |
At the meeting, Thai’s Finance Minister Arkhom Termpittayapaisith highlighted the substantial progress in the Vietnam-Thailand enhanced partnership, including orientations for future cooperation that were agreed upon during Phuc’s visit to Thailand.
Termpittayapaisith said Thailand pays special attention to cooperation between each country's public and private sectors and is working on new supporting policies for new global economic trends, especially the digital economy.
The Thai Finance minister suggested these steps would facilitate investment and tourism and create a favorable environment for economic cooperation between Vietnam and Thailand.
In 2021, Thailand was Vietnam’s largest trading partner among ASEAN members, with a record turnover of $19 billion, up 18% year on year.
During the first ten months of 2022, the bilateral trade rose by 17% to $17.8 billion. Thailand is currently the ninth largest investor in Vietnam out of 139 countries and territories, with 670 projects worth $13 billion.
| The State President and SCG President Roongrote Rangsiyopash. |
On the same day, State President Nguyen Xuan Phuc held meetings with leaders of major corporations in Thailand.
In a meeting with SCG President Roongrote Rangsiyopash, Phuc welcomed SCG’s efforts in implementing investment projects in Vietnam, especially the Long Son Petrochemicals complex in Ba Ria – Vung Tau, a key economic project between Vietnam and Thailand.
He said the Government is committed to creating favorable conditions for SCG’s operation in Vietnam.
The Vietnamese State President also received the CEO of Amata Group, Vkrom Kromadit, and CP President Dhanim Chearnont.
All Thai business executives stressed their commitment to staying in Vietnam long-term and contributing to the country’s socio-economic development.
| The State President and delegates at the launch of the Vietnamese Goods Week in Bangkok. |
Launching Vietnamese Goods Week in Thailand
The Vietnamese Goods Week in Thailand was jointly launched on November 17, 2022, by Vietnam’s Ministry of Industry and Trade and Central Retail Vietnam with the attendance of State President Nguyen Xuan Phuc.
First launched in 2016, the event has been held five times in Bangkok to expand the reach of Vietnamese products and goods in the Thai market.
This year, Goods week, with the theme of “Taste of Vietnam”, attracted 70 companies with 45 booths in an area of 1,000 square meters. The organizers expected the event would receive 500,000 visitors during its five-day opening.
| The State President visits booths of Vietnamese products. |
The majority of Vietnamese products on display are the country’s specialties with high quality and safety standards, including Vinamit organic fruits, Muong Khuong chilies, and Coi Viet mushrooms.
“The Vietnam-Thailand cooperation has been on the rise, especially since the upgrade of bilateral relations to a strategic partnership in 2013,” said Deputy Minister of Industry and Trade Do Thang Hai.
Promoting Hanoi – Bangkok relations In September, Vietnamese Ambassador to Thailand Phan Chi Thanh met with Bangkok Governor Chadchart Sittipunt to discuss solutions for further cooperation between the localities of the two countries. At the meeting, the two sides agreed to resume high-level exchanges at the sub-national level, especially to boost cooperation in the fields of trade, investment, tourism, cultural exchange, education, and people-to-people diplomacy between Bangkok and its Vietnamese twin cities such as Hanoi, Ho Chi Minh City, and Hue. This would include jointly organizing upcoming urban management conferences and workshops between Hanoi and Bangkok to address traffic congestion, flooding, and environmental pollution. |
