Vietnam Time

9/30/2017 10:18:10 PM

Vietnam – Thailand trade to hit 20 billion USD in 2020

(VNF) - Vietnam and Thailand will jointly work toward the goal of USD 20 billion in twoway trade value in 2020. The announcement was released at a business connectivity conference in Ho Chi Minh City on September 29.

Vietnamese and Thai firms connect at the event (Photo: VNA)

Thai Consul General in HCM City Ureerat Ratanaprukse stated Vietnam and Thailand are key economic partners, with leaders of both sides agreeing to boost comprehensive trade ties.

The agreement lays the basis for Vietnamese and Thai firms to work together and involve in global and regional supply chains.

Pham Thanh Kien, head of the HCM City Department of Industry and Trade, said the southern city is a potential destination for Thai products, which have gained favour with local consumers for their quality and competitive prices.

Earlier, in the conference titled Vietnam-Thailand Trade and Investment Embrace the Potential of the Strategic Partnership” held by the Ministry of Industry and Trade and the Thai Ministry of Commerce in May, Deputy Minister of Industry and Trade Do Thang Hai stated that the $20 billion goal is perfectly achievable.

Vietnamese and Thai delegates at the Conference titled Vietnam-Thailand Trade and Investment Embrace the Potential of the Strategic Partnership, May 2017 (source: VIR)

“In the years to come, the two countries’ trade will increase as they move towards the implementation of the ASEAN Free Trade Agreement and other agreements,” he explained.

Since the beginning of 2017, seven Thai goods fairs have taken place in HCM City, with three more expected to run toward the year’s end.

In May, Vietnam’s Trade Promotion Agency signed a cooperative agreement with Thailand’s Kasikornbank at the conference, as part of a series of measures to boost trade between the two countries.

Vietnam is currently Thailand’s second biggest partner in ASEAN, while Thailand is top trade partner of Vietnam in the bloc.

According to Thai Deputy Minister of Commerce, Winichai Chaemchaeng,  Vietnam is the second-largest trade partner of Thailand in ASEAN and Thailand is the largest trade partner of Vietnam. “The cooperation between the two countries will contribute to solidarity and cooperation within ASEAN,” he believes.

Trade was estimated at $12.5 billion in 2016, an increase of nearly 9 per cent compared with 2015./.

  ( VNF )
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