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Last updated: Friday, December 07, 2018

 

Thailand, VN Aim for Bilateral Trade of US$20 Billion by 2020

Posted: Tuesday, August 07, 2018


The third meeting of the Viet Nam-Thailand Joint Trade Committee is taking place in Ha Noi as part of a series of measures to boost trade between the two countries to US$20 billion by 2020.

The event is co-chaired by Minister of Industry and Trade (MoIT) Tran Tuan Anh and Thai Commerce Minister Sontirat Sontijirawong.

The two-day event seeks ways to promote collaboration in related areas, including trade facilitation, agriculture, transport connectivity, customs, banking, investment, labour, intellectual property, regional and sub-regional co-operation.

In addition, the two sides review their economic and trade cooperation since the previous meeting in 2015, as well as discuss plans to bring two-way trade to US$20 billion in 2020 and ensure more balanced trade in the time to come.

Measures to address obstacles in export-import activities are high on the agenda.

Currently, Thailand is Viet Nam’s largest trade partner in the Association of Southeast Asian Nations (ASEAN), according to the Department of Asia-Africa Markets under the MoIT.

As of the beginning of July 2018, bilateral trade reached around $8 billion, a rise of 14.7 per cent year-on-year. Viet Nam’s export revenue to Thailand hit $2.7 billion in the period, while its imports stood at $5.3 billion.

The two governments are working together to help enterprises capitalise on tax preferences to increase exports.

Regarding investment, the Vietnamese government will introduce policies on auxiliary and materials industries to strengthen the connection between domestic enterprises and foreign-invested enterprises, focusing on Thai investors in particular.

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