Vietnam-Thailand Trade Revenue Expected to Hit USD 30 Billion by 2025
President Nguyen Xuan Phuc met representatives from leading Thai groups that are running large-scale projects in Vietnam as part of his trip to Thailand on November 17, VNA reported.
President Phuc is in Thailand for an official visit to the country and attendance at the 29th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting from November 16-19.
|President Nguyen Xuan Phuc (R) and President and CEO of SCG Roongrote Rangsiyopash. Photo: VNA|
At a reception for Roongrote Rangsiyopash, President and CEO of SCG that is investing in the southern petrochemical complex project in Long Son commune in Ba Ria-Vung Tau province, Phuc lauded the group’s efforts in pursuing projects in Vietnam, particularly the petrochemical complex, seen as a key project in economic cooperation between the two countries.
The leader also praised the group for its engagement in social welfare in Vietnam, and expressed his hope that it will gain more successes in investment and production in the country.
Vietnam will do its best to facilitate the operation of SCG, he pledged.
Rangsiyopash promised to make the project green and environmentally friendly for public health while contributing to Vietnam’s economic development.
Meeting Vikrom Kromadit, Founder and CEO of Amata Group, which is implementing projects worth billions of USD in Vietnam, Phuc congratulated the firm on its successes in the southern provinces of Dong Nai and Ba Ria-Vung Tau.
He suggested the group expand its investment in Vietnam, noting that the country is working hard to improve its business environment and step up decentralisation, while protecting rights and interests of investors.
In reply, Kromadit said that Amata has operated in Vietnam for more than 25 years, and made notable achievements from projects in Long Binh and Long Thanh of Dong Nai, Quang Tri and Quang Ninh's Ha Long.
Amata plans to launch smart city projects in Vietnam, he continued, suggesting Vietnam consolidate its land-related policies and handle difficulties in land reclamation and site clearance to support investors.
|President Nguyen Xuan Phuc (R) and CP Group Chairman Dhanim Chearnont. Source: VNA|
At another reception for CP Group Chairman Dhanim Chearnont, Phuc emphasised that CP remains a big brand in Vietnam, especially in husbandry, and food processing and exports.
CP has played a part in promoting the Vietnamese food and husbandry sectors, he noted.
He also suggested the group scale up its operations in Vietnam, closely coordinate with local authorities to boost the domestic husbandry sector, and accelerate processing of high-quality products, particularly those from livestock and poultry.
A representative from CP said the group will upgrade technologies and production and processing lines, and ensure product safety and quality in the Vietnamese market.
Addressing the Vietnam-Thailand High-Level Business Meeting on November 17 as part of his trip to Thailand, President Phuc urged enterprises of the two countries to enhance cooperation and exchange experience in the areas they have potential and interests such as digital economy, energy and food security, and green, sustainable development.
Noting the announcement of the connection of retail payments using QR codes between Vietnam and Thailand, the State leader called it a vivid demonstration of the effective cooperation between management agencies, businesses and commercial banks in the two countries, and expressed his hope that it will contribute to boosting the bilateral trade and tourism ties.
Over the past 30 years, especially the past decade, Thailand has remained one of the biggest trade partners of Vietnam, he said, stressing that during his visit, Vietnamese and Thai leaders have agreed to raise the bilateral trade to USD 25-30 billion by 2025.
He highlighted the important role of businesses, especially the outstanding firms that have made significant contributions to the bilateral economic and trade relations, in realising the target.
In his remarks, Thai Finance Minister Arkhom Termpittayapaisith noted with pleasure the outcomes of cooperation between the two countries, particularly cooperation orientations outlined during President Phuc’s official visit to Thailand.
The minister expressed his special interest in cooperation between the public and private sectors in each country.
The meeting brought together nearly 350 Vietnamese and Thai businesses.
On this occasion, the Federation of Thai Industries (FTI) of Chonburi province signed a memorandum of understanding (MoU) with Invest Global, which covers trade and investment promotion activities.
Vietnamese and Thai competent agencies also supported businesses of the two countries to exchange and expand new fields of cooperation, instead of traditional fields, such as energy, high technology, renewable technology, environment and finance - banking.
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