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Vietnam Today

Vietnam & Thailand set trade target

Released at: 17:30, 24/05/2017

Vietnam & Thailand set trade target

Photo: VGP

Trade to reach $20 billion by 2020, conference hears.

by Ngoc Lan

Vietnam and Thailand have targeted increasing trade turnover to $20 billion by 2020 based on the determination and proactive nature of the two governments and enterprises from both countries, Deputy Minister of Industry and Trade Do Thang Hai told the “Vietnam-Thailand Trade and Investment Embrace the Potential of the Strategic Partnership” conference held by the Ministry of Industry and Trade and the Thai Ministry of Commerce on May 23.

The $20 billion goal, he said, is perfectly achievable. “In the years to come, the two countries’ trade will increase as they move towards the implementation of the ASEAN Free Trade Agreement and other agreements,” he explained.

Thai Deputy Minister of Commerce, Mr. Winichai Chaemchaeng, told the gathering that Vietnam is the second-largest trade partner of Thailand in ASEAN and Thailand is the largest trade partner of Vietnam. “The cooperation between the two countries will contribute to solidarity and cooperation within ASEAN,” he believes.

Trade was estimated at $12.5 billion in 2016, an increase of nearly 9 per cent compared with 2015. As at the end of March, Thai investors had poured $8.13 billion into 458 projects in Vietnam, ranking it tenth among 115 countries and territories.

As at January 1, 2015, Vietnam had cut 8,600 tariff lines to 0 per cent and will do likewise to the remaining 669 tariff lines by 2018. More than 9,500 tariff lines have also been listed in the tariff reduction schedule in the ASEAN Trade in Goods Agreement.

“The two governments are actively cooperating to realize measures to support businesses to take full advantage of preferences for enhancing exports,” Mr. Hai said. “In the future, the Vietnamese Government will issue policies to develop support industries and the production of materials, to connect foreign enterprises with domestic counterparts.”

Vietnam’s Trade Promotion Agency signed a cooperative agreement with Thailand’s Kasikornbank at the conference, as part of a series of measures to boost trade between the two countries.

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