Vietnam and Thailand have agreed to strengthen further the enhanced strategic partnership for socio-economic development in each country.

Overview of the meeting. Source: VNA

The view was shared during a meeting between State President Nguyen Xuan Phuc and Thai’s Prime Minister Prayut Chan-o-cha today [November 16], with the former currently on a state visit to Thailand from November 16-19.

At the meeting, Thai Prime Minister Prayut Chan-o-cha expressed his delight to welcome State President Nguyen Xuan Phuc and the high-ranking delegation of Vietnam to Thailand.

He stressed the significance of the visit as the first of a key leader of Vietnam to the country since the outbreak of Covid-19 and ahead of the 10^th anniversary of the establishment of the Vietnam-Thailand strategic partnership (2013-2023), therefore creating new momentum for both countries to cooperate in economic recovery and sustainable development.

For his part, Phuc thanked the Thai Government for the warm reception and congratulated the country for its robust recovery in the post-pandemic period.

Phuc stressed Vietnam’s priority to foster the bilateral enhanced strategic partnership and said it would try its best to contribute to the success of the upcoming APEC summit with Thailand as the host.

Both leaders highly regarded the dynamism and improvements of bilateral relations in all spheres, with economic cooperation as a highlight.

In 2021, Thailand remained Vietnam’s largest trading partner among ASEAN members, with a record turnover of US$19 billion, up 18% year on year.

During the first ten months of 2022, the bilateral trade revenue rose by 17% to $17.8 billion. Thailand is currently the ninth largest investor in Vietnam out of 139 countries and territories, with 670 projects worth $13 billion.

Cooperation in security, defense, culture, education, people-to-people diplomacy, and inter-provincial partnership has constantly increased.

During the first six months of 2022, Vietnam welcomed nearly 40,000 tourists from Thailand, and over 130,000 Vietnamese tourists came to Thailand during the period. Currently, 18 localities in Vietnam have cooperation agreements with their Thai counterparts.

The two leaders witness the signing ceremony of cooperation agreements.

Boosting partnerships at all levels

To further bolster the enhanced strategic partnership, both agreed to boost high-ranking exchanges and maintain current bilateral cooperation mechanisms, including the action plan to implement the strategic partnership for the 2022-2027 period.

Both expected to soon take the trade revenue to $25-30 billion toward a more balanced relationship and encourage businesses from the two countries to expand investment operations to another.

“Vietnam calls for Thai enterprises to invest in green energy, automobile, processed food, garment, chemicals, electronic materials, and industrial infrastructure,” Phuc said, expecting both sides to use local currencies in bilateral trade soon.

In the long term, improvements for the bilateral partnership could be made via the “Three linkages” strategy, including linkages in supply chains, fundamental economic sectors, and sustainable development strategies from the two countries. For Vietnam, this is the national strategy for green growth and Thailand's Bio-Circular-Green (BCG) economic model.

Vietnam and Thailand would strengthen cooperation between localities, people-to-people diplomacy, and friendship organizations.

Phuc suggested the Thai authorities create favorable conditions for the Vietnamese community in Thailand, estimated at 100,000 people, and preserve and promote Vietnam’s cultural and historical locations in Thailand, especially the three memorial sites of President Ho Chi Minh.

Sharing views on regional and international affairs of mutual interest, both leaders reaffirmed the commitment to promote a united, self-reliant, and centered ASEAN; promote a peaceful and prosperous Mekong sub-region; and maintain ASEAN’s view on the East Sea with a priority to maintain peace, stability, freedom of navigation in the region based on international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS).

As part of the meeting, State President Nguyen Xuan Phuc and Thai’s Prime Minister Prayut Chan-o-cha witnessed the signing of five cooperation agreements, including the action plan to realize the enhanced strategic partnership for the 2022-2027 period; an agreement on mutual legal assistance in civil matters; memorandum of understanding for cooperation between Danang and Khon Kaen Province; cooperation agreement between the Vietnam Chamber of Commerce and Industry (VCCI) and Thailand Trade Committee; cooperation for trade and investment facilitation between Vietcombank and the Export-Import Bank of Thailand.