Thailand and Vietnam have agreed to step up cooperation in trade and investment and promote connectivity of supply chains in complementary industries in order to support economic recovery after the COVID-19 situation.
The issue was raised for discussion on 24 June 2022 between Prime Minister General Prayut Chan-o-cha and Mrs. Vo Thi Anh Xuan, Vice President of the Socialist Republic of Vietnam, who paid a visit to Thailand to attend the 2022 Global Summit of Women.
The two countries have fully resumed the opening of their borders following improvements in the COVID-19 situation. They have set a target to increase bilateral trade to 25,000 million US dollars by 2025. Both sides were pleased with the developments in the Strengthened Strategic Partnership between Thailand and Vietnam in all dimensions. They agreed to encourage regular exchanges of high-level visits and consultations between the two countries.
The Prime Minister expressed appreciation to the Vietnamese side for supporting Thai investment in Vietnam and sought its continued support. He also encouraged both countries to closely cooperate in the facilitation of cross-border transport of goods, especially in minimizing the processing time at border crossings for agricultural products.
Thailand and Vietnam also agreed to promote closer cooperation at the people-to-people and local levels through existing bilateral frameworks, such as the full utilization of sister city partnerships between provinces of Thailand and Vietnam, with a view to translate cooperation into tangible results, particularly in synergizing the local economies between the northeastern Thailand and Vietnam.
During this visit to Thailand, the Vietnamese Vice President also led a group of Vietnamese business people to attend the “Thailand-Vietnam Business Forum” at Centara Grand and Bangkok Convention Center. At this event, representatives from the public and private sectors of Thailand and Vietnam discussed ways to further enhance bilateral trade and investment, particularly in the areas of manufacturing, machinery and parts, food, medicine, and cosmetics, as well as local products.
Three memorandums of understanding on business partnership between the two countries were signed on this occasion. (PRD)
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