Vietnam, Thailand discuss ways to achieve US$20 billion in trade

HANOI — The third meeting of the Vietnam-Thailand Joint Trade Committee opened on August 2 in Hanoi with the aim of enhancing bilateral economic and trade cooperation.

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

At the meeting, the two sides will 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.

The meeting will also talk about ways to promote collaboration in related areas, including trade facilitation, agriculture, transport connectivity, customs, banking, investment, labour, intellectual property, regional and sub-regional cooperation.

Thailand is currently Vietnam’s largest trade partner in the Association of Southeast Asian Nations (Asean), according to the Department of Asia-Africa Markets under the MoIT.

Last year, Vietnam – Thailand trade rose to $15.3 billion from $11.5 billion in 2015, recording an average growth rate of 15.5 per cent per year.

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

Thailand’s statistics showed that Vietnam is the country’s second-largest trading partner in Asean, after Malaysia.