Vietnam and Thailand have set the trade target of US$25 billion by 2025 as part of efforts to boost economic ties between the two ASEAN member states.

Vietnam’s Prime Minister Pham Minh Chinh at the phone talk on May 12. Photo: Nhat Bac/VGP

The target was further discussed at the phone talk between Vietnam’s Prime Minister Pham Minh Chinh and his Thai counterpart Prayut Chan-o-cha on May 12.

To make the goal attainable, the two PMs agreed to strengthen exchanges among ministers to timely tackle problems for both sides.

Vietnam’s PM affirmed to facilitate and encourage Thai investments in energy, tourism, hi-tech agriculture, supporting industries for automobile industry, and digitalization.

The two leaders discussed solutions for challenges facing in the Covid-19 pandemic, including recovery plans, traveling restrictions, and vaccine access.

Thailand's PM Prayut Chan-o-cha at the phone talk. Photo: Vietnam's MOFA

For the missions in 2021, the two countries will celebrate the 45th anniversary of the bilateral relations, hold the 4th Joint Cabinet Retreat, and soon sign the implementation of the Plan of Action Implementing the Vietnam – Thailand Strategic Partnership for 2021-2025.

Currently, Thailand is Vietnam’s biggest trading partner in ASEAN and Vietnam is Thailand’s 4th largest exporting market, according to Vietnam’s Industry and Trade Magazine.

In 2020, the two-way trade hit US$15.88 billion, including US$10.96 billion worth of Vietnam’s imports.

Regarding investment, Thailand is one among nine top investors in Vietnam with total investment of US$12.8 billion in 603 projects in manufacturing, energy, real estate, agriculture, electronics, among others.

At a meeting with Vietnamese Ambassador to Thailand Phan Chi Thanh on March 22, 2021, Thai PM said both sides had vowed to intensify economic cooperation and trade partnerships, especially through existing bilateral mechanisms such as the Joint Trade Committee (JTC), with a focus on stepping up cooperation in areas where both are already strong, such as agriculture.