Vietnam, Thailand strengthen business connectivity

Addressing the Vietnam-Thailand Business Forum in Bangkok, Xuan stressed that Thailand ranks ninth out of the 139 countries and territories worldwide investing in Vietnam, and second in the Association of Southeast Asian Nations (ASEAN) after Singapore.

Thailand is also Vietnam’s biggest trade partner in ASEAN, with two-way trade reaching 18.8 billion USD last year, up 18% year-on-year, she said, noting that the two sides are striving to raise the value to 25 billion USD by 2025.

However, Vietnamese investments in Thailand still remain modest, with only 17 projects worth 32.8 million USD. Vietnam also runs a trade deficit of more than 6 billion USD with Thailand.

Briefing the participants on Vietnam’s economy, Xuan said the country prioritises projects using cutting-edge technologies, modern administration and high added values, promotes sustainable export-import, and seeks to raise its position in the global value chain.

Vietnam always attaches importance to and wishes to foster its enhanced strategic partnership with Thailand, the Vice President emphasised.

In his remarks, Thai Deputy Prime Miniaster and Foreign Minister Don Pramudwinai suggested the two countries promote connectivity in value chains, economic platforms and sustainable growth strategies.

Such connectivity will help businesses maximise opportunities and potential of both Vietnam and Thailand, while consolidating and enhancing the bilateral strategic cooperation, he added.

Sharing the Thai official’s views, Xuan said apart from connectivity in value chains and transport, and links between small- and medium-sized enterprises, the two countries should enhance the friendship between their peoples, and cultural ties.

On this occasion, the officials witnessed the signing of a memorandum of understanding between Vietnamese and Thai firms.

Xuan is leading a delegation attend the Global Summit of Women 2022 (GSW 2022) in Bangkok under the theme “Women: Creating Opportunities in the New Reality”.