Vietnam, Thailand Aim for Turnover of US$ 20 Billion in 2020

Bilateral trade turnover between Vietnam and Thailand has been growing positively, expected to reach US$18 billion in 2019 and US$20 billion in 2020. This is the statement of Thai Ambassador Tanee Sangrat at a press conference to introduce the Thai Festival in 2019 which was recently organized in Hanoi.

Vietnam and Thailand have signed a strategic partnership agreement. How do you evaluate trade and investment cooperation opportunities between the two countries?

The strategic relationship between Vietnam and Thailand has constantly been strengthened and developed in recent years. In particular, the trade and investment relations between the two sides are developing very positively. Thailand currently ranks 9th in the countries and territories of the Asian region investing in Vietnam and the second in Southeast Asia.

This year, in order to implement practical activities to promote trade and investment relations between Thailand and Vietnam, the Thai Embassy in collaboration with the Board of Investment of Thailand (BOI) has organized five promotion missions in Vietnam to survey investment opportunities. BOI has also opened a representative office in the Thai Embassy in Vietnam this year. Next year, we will also continue this activity to study investment and business opportunities in Vietnam. In addition, we also plan to organize Vietnamese business delegations to Thailand to survey investment opportunities there.

How will your strong products compete in the Vietnamese market?

Thailand has many strong products, including handicraft items that have the opportunity to develop in the Vietnam market.

Besides, we are also strong in producing and processing food and agricultural products. In the future, we also need to have improvement in production as well as packaging of products to be more attractive, more beautiful, safer and more environmentally friendly, to meet the requirements, demand and taste of consumers, including Vietnamese consumers.

One activity in promoting Thai products effectively is organizing exhibitions and introducing goods. Every year, the Thai Embassy coordinates with the Thai Trade Promotion Office to hold an annual exhibition of Thai products in Vietnam. This is how we approach consumers as well as understand consumers' tastes and needs in order to adjust accordingly.

In Thai Festival held in Hanoi, we also organized a meeting for businesses of two countries in the field of health. These are specific activities to increase the bilateral trade between Thailand and Vietnam. For the hospitals participating in the event, we organized seminars to introduce health care measures, as well as promote cooperation between hospitals of two sides.

Two-way trade turnover in recent years has grown quite well; however, Vietnam always has a trade deficit with Thailand. In your opinion, how can we balance trade ties between the two countries in the future?

Vietnam has many strong products, in which Vietnamese fruits are very delicious and famous. I personally love Vietnamese dragon fruit and lychee.

Like Thailand, Vietnam should promote its products. For example, Thailand has the opportunity to promote Thai goods in Vietnam, so Vietnam should organize such events in Thailand. Currently, there are two big Thai retail businesses operating in Vietnam market, they also have activities to introduce Vietnamese products in Thailand. Such practical activities will contribute to promoting the balance of trade between the two countries.

The Governor of the State Bank of Thailand has just paid a working visit to Vietnam, and had a meeting with the Governor of the State Bank of Vietnam. The two sides have signed cooperation agreements. Currently, the two sides also want to promote the use of local currency in payment and in the near future can use local currency in ASEAN in the payment. This is a way to reduce costs and measures to help balance the trade between the two countries.

We also need to take many other measures as well as reduce trade barriers. Countries in the ASEAN region need to take positive measures to reduce trade barriers as well as reduce taxes on consumption goods in the region. At the same time, other sectors such as customs need to apply more technology for customs clearance to serve the import and export of goods between countries in the region more quickly and conveniently.

Thank you very much!