31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / News / Viet Nam
Vietnam, Thailand target US$25 billion trade by 2025
Minh Vu 15:39, 2021/05/13
Thailand is the largest trade partner of Vietnam in ASEAN.

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.

TAG: vietnam thailand trade relations prime minister phone talk 25 billion
Other news
15:41, 2022/41/18
“Produce more from less”: Danish agricultural philosophy for Vietnam
Denmark, through strategic sector cooperation (SSC) with Vietnam, helps implement national action plan in agriculture while promoting the engagement of stakeholders in the value chain.
11:31, 2022/31/18
Vietnam finalizes legal framework to make corruption impossible: Party chief
During the first six months of 2022, anti-corruption authorities at all levels took disciplinary action against 295 Party members for corruption, 117 more than in the same period last year.
22:19, 2022/19/17
Denmark extends agri-food expertise to Vietnam
With expertise and advanced technology, Danish firms are expected to develop Vietnam's agri-food industry for high efficiency and sustainability.
14:38, 2022/38/16
Germany accepts Vietnamese redesigned passport
The move aims to facilitate Vietnamese citizens in Germany to obtain residence permits and conduct other administrative procedures.
22:16, 2022/16/15
The Association of Vietnamese in Malta established
The Association of Vietnamese in Malta will contribute to developing friendship and cooperation between the two countries.
14:20, 2022/20/15
Vietnam Airlines Group to increase service in upcoming Tet
The group has prepared pilots, flight attendants, aircraft as well as personnel and equipment as early as possible to ensure the best quality of service for passengers during the peak time of Tet holiday.