Vietnam, Thailand target US$25 billion trade by 2025
Thailand is the largest trade partner of Vietnam in ASEAN.
Vietnam and Thailand have set the trade target of US$25 billion by 2025 as part of efforts to boost economic ties between the two ASEAN member states.
|Vietnam’s Prime Minister Pham Minh Chinh at the phone talk on May 12. Photo: Nhat Bac/VGP|
The target was further discussed at the phone talk between Vietnam’s Prime Minister Pham Minh Chinh and his Thai counterpart Prayut Chan-o-cha on May 12.
To make the goal attainable, the two PMs agreed to strengthen exchanges among ministers to timely tackle problems for both sides.
Vietnam’s PM affirmed to facilitate and encourage Thai investments in energy, tourism, hi-tech agriculture, supporting industries for automobile industry, and digitalization.
The two leaders discussed solutions for challenges facing in the Covid-19 pandemic, including recovery plans, traveling restrictions, and vaccine access.
|Thailand's PM Prayut Chan-o-cha at the phone talk. Photo: Vietnam's MOFA|
For the missions in 2021, the two countries will celebrate the 45th anniversary of the bilateral relations, hold the 4th Joint Cabinet Retreat, and soon sign the implementation of the Plan of Action Implementing the Vietnam – Thailand Strategic Partnership for 2021-2025.
Currently, Thailand is Vietnam’s biggest trading partner in ASEAN and Vietnam is Thailand’s 4th largest exporting market, according to Vietnam’s Industry and Trade Magazine.
In 2020, the two-way trade hit US$15.88 billion, including US$10.96 billion worth of Vietnam’s imports.
Regarding investment, Thailand is one among nine top investors in Vietnam with total investment of US$12.8 billion in 603 projects in manufacturing, energy, real estate, agriculture, electronics, among others.
At a meeting with Vietnamese Ambassador to Thailand Phan Chi Thanh on March 22, 2021, Thai PM said both sides had vowed to intensify economic cooperation and trade partnerships, especially through existing bilateral mechanisms such as the Joint Trade Committee (JTC), with a focus on stepping up cooperation in areas where both are already strong, such as agriculture.
- Investigations under way in Vietnamese-related sexual assault case in Spain
- Vietnam welcomes international cooperation in IUU fishing
- Vietnam elected to UNESCO Intergovernmental Committee
- Vietnam launches logo design contest on national digital transformation
- Vietnam listed among Russia’s most trustworthy partners in Asia-Pacific: Sergey Lavrov
- Vietnam intensifies partnership with Mekong nations
- Vietnam urges sustainable development for Mekong-Lancang Cooperation
- More remains of American soldiers in Vietnam repatriated
- Poisonous gas leak in Jordan: Five Vietnamese die
- Some 155 Vietnamese athletes to partake in ASEAN Para Games 2022
Nearly one million Vietnamese students sit national graduation exam
Vietnam welcomes international cooperation in IUU fishing
Vietnam elected to UNESCO Intergovernmental Committee
Vietnam Gov’t allocates US$685 million in interest subsidy scheme for 2022
Vietnam intensifies partnership with Mekong nations
Hanoi approves 33 projects worth US$250 million in 2021-2025
Vietnam's National Assembly to legalize commitments at COP26
Vietnam looks for UK support in finalizing financial regulations: NA Chairman
UK multinationals pledge long-term presence in Vietnam