Prime Minister General Prayut Chan-o-cha and Vietnamese Prime Minister Nguyen Tan Dung have agreed to set a new target for bilateral trade between Thailand and Viet Nam from 15 billion to 20 billion US dollars by 2020.
The agreement was reached on 23 July 2015, when the Vietnamese Prime Minister, accompanied by his spouse, paid an official visit to Thailand and co-chaired the Third Thailand – Viet Nam Joint Cabinet Retreat with General Prayut. V
iet Nam is now Thailand’s fourth-largest trading partner in ASEAN, while Thailand is Viet Nam’s largest trading partner in this region. In 2014, trade between the two countries expanded by 13 percent. Thailand is now planning many large investment projects in Viet Nam and is expected to be ranked among major foreign investors in Viet Nam in the future.
Viet Nam agreed to facilitate Thai investments in various projects, such as manufacturing of garments and textiles, consumer goods production, energy development, agriculture, agro-industry, and tourism. Thailand has invited Viet Nam to join the International Tripartite Rubber Council to help stabilize rubber prices in the world market. Indonesia, Malaysia, and Thailand, which are major rubber producers, have become members of this council.
Thailand and Viet Nam agreed to establish an informal consultation mechanism for business consultations and negotiations in each country. They value the growing development of traditional friendship between them in recent years, particularly since the establishment of the Strategic Partnership in 2013.
Both sides also agreed to maintain the dynamism in their Strategic Partnership as Thailand and Viet Nam advance toward the fifth decade of bilateral ties. They will forge multi-modal transportation linkages, including land, sea, and air, and establish a Joint Working Group to Cooperate in Addressing Illegal Fishing. Both countries reaffirmed their commitments not to allow any individual or organization to use the territory of one country to conduct activities against the other.
On this occasion, the Thai and Vietnamese leaders witnessed the signing of five documents, namely (i) Joint Statement on the Third Viet Nam – Thailand Joint Cabinet Retreat, (ii) MOU on labor cooperation, (iii) Agreement on Employment of Workers, (iv) Memorandum of Understanding on the Establishment of Friendship between Kon Tum Province, Viet Nam, and Ubon Ratchathani Province, Thailand, and (v) Memorandum of Understanding on the Establishment of Friendship between Long An Province, Viet Nam, and Trat Province, Thailand.
Both sides also agreed to organize year-round activities in Thailand and Viet Nam in 2016 to celebrate the 40th anniversary of Thailand – Viet Nam diplomatic relations, including the exchange of high-level visits, the exchange of cultural activities, and the organizing of seminars to promote bilateral trade and investment.