Vietnam and Thailand have agreed on measures to ensure balanced trade relations as the two countries are looking to realize a two-way trade turnover of US$25 billion by 2025.

This was among the key issues discussed in the meeting between Vietnamese Prime Minister Pham Minh Chinh and Thai Ambassador to Vietnam Nikorndej Balankura.

Vietnamese Prime Minister Pham Minh Chinh (R) and Thai Ambassador to Vietnam Nikorndej Balankura in Hanoi on Mar 31. Phtos: VGP

Thailand is requested to increase the import of Vietnam’s products, PM Chinh told the ambassador on March 31, adding that Thai retail groups working in Vietnam could play an important role in distributing Vietnamese goods in their home country's market.

Other measures could be joint efforts for economic connectivity and a smooth supply chain post-pandemic, at the same time limiting trade barriers.

During the meeting, Chinh suggested fastened mutual recognition of vaccine passports and resuming scheduled commercial flights to facilitate tourism and trade links.

According to the Embassy of Thailand in Vietnam, Thailand is Vietnam’s 8th largest investor and the biggest trading partner of Vietnam in ASEAN while Vietnam is Thailand’s fifth-largest trading partner in the world.

The two countries are also members of many international trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), the ASEAN Trade in Goods Agreement (ATIGA), and the ASEAN Free Trade Area (AFTA).

Over the past 16 years, the two-way trade hit a record high at $18.6 billion in 2018 with the majority of imports from Thailand.

The two sides discuss measures for enhanced relations.

To commemorate the 10th anniversary of the Strategic Partnership in 2023 and the 46th anniversary of the establishment of the diplomatic ties, the Vietnamese PM said the two ASEAN countries need to increase high-ranking exchange visits and cooperation mechanisms like joint cabinet meetings and the joint committee on bilateral cooperation.  

PM Chinh affirmed that Vietnam would closely cooperate with Thailand for the success of APEC 2022 Thailand.

For his part, Nikorndej Balankura pledged to make efforts for balanced trade and the establishment of the Thailand Business Association in Vietnam is one of the measures. In addition, Thailand is committed to implementing sustainable development projects in Thai Nguyen and Ben Tre provinces to improve livelihood there.

On this occasion, PM Chinh extended the invitation to Thailand’s Prime Minister Prayut Chan-o-cha for a visit to Vietnam at a convenient time.