Vietnam, Thailand work to make US$25-billion trade target attainable
Being both leading countries in ASEAN, the two countries enjoy strong comprehensive relations characterized by economic ties, political cooperation, and regional collaboration.
Vietnamese Prime Minister Pham Minh Chinh called on Vietnam and Thailand to work together to reach US$25 billion in bilateral trade. The neighboring country is Vietnam’s largest ASEAN trading partner and 9th largest foreign investor.
Vietnam’s Prime Minister Pham Minh Chinh and Thailand’s Foreign Minister Maris Sangiampongsa at a meeting in Hanoi on February 24. Photo: VG |
He said at a meeting in Hanoi on February 24 with Thai Foreign Minister Maris Sangiampongsa who is on his first official visit to Vietnam to attend the 2nd ASEAN Future Forum (AFF) in the capital city on February 25-26.
PM Chinh said the bilateral trade should be balanced by advancing the “Three Connectivity” Strategy and improving infrastructure, policy, and institutional ties.
The “Three Connectivity” Strategy, adopted by Vietnamese and Thai leaders in November 2022, seeks to drive economic growth by integrating supply chains in supporting industries, fostering collaboration between small- and medium-sized enterprises (SMEs) and local communities, and aligning sustainable development goals. This strategy integrates Thailand’s Bio-Circular-Green (BCG) economy with Vietnam’s green initiatives.
The Vietnamese PM also suggested boosting cooperation in digital transformation, green transition, and renewable energy.
Both sides stressed the importance of strengthening the Enhanced Strategic Partnership and increasing high-level exchanges while boosting transportation links, expanding tourism cooperation, and fostering ties in education, agriculture, and culture.
Minister Maris reaffirmed Vietnam as Thailand’s key regional partner and expressed interest in expanding collaboration in business, tourism, and connectivity, including the “Six Countries, One Destination” initiative, which aims to promote tourism cooperation among six ASEAN member countries, including Cambodia, Laos, Malaysia, Myanmar, Thailand, and Vietnam.
Both sides agreed to strengthen bilateral cooperation mechanisms, support Thai business operations in Vietnam and Vietnamese expatriates doing business in Thailand.
Deputy Prime Minister and Foreign Minister Bui Thanh Son meets Foreign Minister Maris Sangiampongsa in Hanoi on February 24. Photo: Baoquocte |
Maris Sangiampongsa thanked the Vietnamese Prime Minister for instructing the establishment of a joint working group to to discuss cooperation issues and solve any problems concerning the Thai Prime Minister’s visit to Vietnamand the joint cabinet meeting between the two countries this year.
On the same day, Thai Foreign Minister Maris Sangiampongsa held talks with Deputy Prime Minister and Foreign Minister Bui Thanh Son, emphasizing the importance of deepening cooperation as both nations prepare for the 50th anniversary of diplomatic relations in 2026.
Both sides agreed to advance the “Three Connectivity” Strategy, focusing on supply chains, business and local partnerships, and sustainable growth strategies. They supported enhancing transport links, increasing air connectivity, and strengthening cooperation in tourism, education, agriculture, culture, and people-to-people exchanges.
The ministers committed to close coordination within multilateral and regional frameworks, particularly on Mekong sub-regional development and sustainable water resource management. Thailand reaffirmed its support for ASEAN solidarity and centrality.
Both nations pledged to deepen their strategic partnership through high-level exchanges, stronger cooperation between foreign ministries, and direct communication channels for specialized discussions. They also agreed to boost defense and security cooperation, combat transnational crime and cybercrime, and prevent illegal labor trafficking.
Vietnam thanked Thailand for supporting the establishment of Vietnam Towns in Udon Thani and Nakhon Phanom and proposed further cultural and educational cooperation, including the preservation of Ho Chi Minh historical sites and the promotion of language programs.
At the regional level, both sides recognized the need to maintain peace, stability, and maritime security in the South China Sea in accordance with international law, particularly the United Nations Convention on the Law of the Sea (UNCLOS) 1982.
Strategic partnership
Since establishing diplomatic ties in 1976, Vietnam and Thailand have maintained a strong and growing partnership, characterized by economic cooperation, political alignment, and regional collaboration.
In terms of economic ties, Thailand is one of Vietnam’s key ASEAN trading partners, with bilateral trade surpassing US$20 billion last year and expected to reach $25 billion soon, with key areas of cooperation being electronics, agriculture, and manufacturing.
Politically, their relationship was elevated to a Strategic Partnership in 2013 and an Enhanced Strategic Partnership in 2019, with close collaboration in regional forums like ASEAN and APEC while enjoying strong ties in tourism, education, and cultural exchanges, supported by direct flights and scholarship programs.
In the regional landscape, Vietnam and Thailand play an important role in promoting stability, economic integration, and sustainable development in Southeast Asia.
Regional experts said that their partnership serves as a model for regional cooperation, contributing significantly to peace, stability, and growth in the region.
