Creating Favorable Conditions for The Implementation of Vietnam - Thailand Economic Relation

According to the Head of the Vietnam Trade Office in Thailand Le Huu Phuc, the relationship between the two countries is developing fruitfully. Since the establishment of the bilateral strategic partnership in 2013, two-way trade increased by 230% from US $9.4 billion to US $21.6 billion in 2022. Last year, the figure reached nearly US $19 billion.

At present, Thailand is Vietnam's biggest trading partner in the Association of Southeast Asian Nations (ASEAN), while the latter is the former's No. 2 partner, after Malaysia.

Vietnamese pavilion at Vietnamese goods fair in Thailand. (Source: Ministry of Industry and Trade)

Thailand now has more than 700 valid projects in Vietnam with a combined investment of nearly US $15 billion, ranking 9th among foreign investors in the country, VNS reported. Meanwhile, Vietnam's investment in Thailand remains modest with a sum of US $32 million USD, focusing on consumer goods and distribution.

As both countries begin to develop new economic sectors such as green economy, circular economy, and renewable energy, the demand for cooperation between Vietnam and Thailand is continuously expanding. New business opportunities will appear.

In the coming time, the Vietnam Trade Office in Thailand will focus on local economic cooperation between the Northeastern provinces of Thailand, which house a large number of Vietnamese people, and the central provinces of Vietnam. Phuc stressed that cooperation between these two regions can help Vietnam promote trade links with Thailand, especially border trade via Laos; and facilitate access to each other's market through local products under Thailand's OTOP (One Tambon One Product) program and Vietnam's OCOP (One Commune One Product).

Regarding supply chain connectivity, Phuc said that the office will promote support for Vietnamese businesses in finding and building agents and expanding their commercial presence in Thailand while introducing and bringing Vietnamese goods to Thai supermarkets through cooperation with large supermarket systems in the country such as Central, Marko, and TCC.

It will assist and boost industrial collaboration, especially in the automotive field such as finding and connecting manufacturers of component parts and accessories, added Phuc.

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