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

/ 04:04 PM August 05, 2018

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.

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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.

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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.

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TAGS: Asia, Business, economy, Thailand, Trade, Vietnam
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