Vietnam, Thailand trade target set at $25B by 2025

Leaders of Vietnam and Thailand welcomed continued growth in bilateral trade and agreed they are now on track to achieve the bilateral trade target set at $25B by 2025.

Bangkok, The Gulf Observer: Vietnam and Thailand agreed to strengthen their relations, signing five documents that will open a new, stronger chapter in the Strategic Partnership for peace, stability and mutual prosperity.

The statement was made during the official visit of Vietnamese President Nguyen Xuan Phuc to Thailand, the first to the Southeast Asian country by a Vietnamese President in 24 years.

In a joint statement signed between the two countries in the Thai capital Bangkok on Wednesday, Thailand’s Prime Minister Prayut Chan-o-cha and President Phuc expressed their determination to strengthen relations in all areas, including security, trade, investment, sustainable development and people-to-people relations, to reduce external factors impacting developing countries amid ongoing geopolitical challenges.

The two leaders welcomed continued growth in bilateral trade, despite the COVID-19 pandemic, and agreed they are now on track to achieve the bilateral trade target set at US$25 billion by 2025.

Both leaders agreed that the two countries simplify import-export procedures and facilitate cross-border trade and transit of goods to third countries while addressing investment obstacles and exploring new opportunities, especially in the digital economy and e-commerce.Thailand is currently the eighth largest foreign investor in Vietnam, with a combined value of over $13 billion as of 2021.

PM Prayut also welcomed the growing interest of Vietnamese investors in Thailand and expressed his hope to see more investment from the country in Thailand.

The two leaders also expressed their desire to further advance the Strengthened Strategic Partnership through the ‘Three Connects’ strategy in supply chains, grassroots economies and sustainable growth strategies.