Vietnam, Thailand target raising bilateral trade to USD25 billion by 2025

Thursday, 18/05/2023 16:17
For the period of 2022-2027, Thailand and Vietnam have signed many memorandums of understanding on economic cooperation, and the two sides are also committed to increasing cross-border trade activities by land, sea and air ways; and are coordinating with the Thai Business Association (ThaiCham) to promote the increase of bilateral trade turnover to USD25 billion by 2025.
Thai and Vietnamese delegates at the event (Photo: 

On the occasion of the 10th anniversary of the establishment of the Strategic Partnership between Thailand and Vietnam, on May 17, the Thai Embassy in Vietnam held a seminar on supply chain connectivity.

The event was held at the Diplomatic Academy of Vietnam, with the participation of famous Thai business leaders, leaders of the Diplomatic Academy of Vietnam and some experts to share about the typical activities and responsibility of the Thai business community in Vietnam.

Mr. Nikorndej Balankura, Ambassador of Thailand to Vietnam, said that Vietnam and Thailand were the first two countries in ASEAN to elevate their relationship to a strategic partnership in 2013, and are now the only two countries in the region to raise their relations to an increased strategic partnership.

Regarding economic cooperation, according to Mr. Nikorndej Balankura, Vietnam and Thailand are the number 1 partners in ASEAN. Thailand ranks 9th among countries and territories investing in Vietnam.

“Thailand can be promoted to the top 5 countries investing in Vietnam in the next few years, because bilateral trade turnover in recent years has continuously increased. Especially, since Vietnam announced the implementation of the "Net Zero" commitment to 2050 at the COP26 conference, Vietnam's policies have been geared towards attracting green investment and renewable energy", said Mr. Nikorndej Balankura, adding that this is consistent with the bio-economy-circular-green model of Thailand.

In 2023, Vietnam and Thailand are both aiming for economic recovery and development after the COVID-19 pandemic and are ready to cooperate for mutual development.

Ms. Jareeporn Jarukornsakul, President and Group CEO of WHA Corporation PCL, said that with the success of more than 30 years of operation in the Thai market and in the concept of Smart Eco-Industrial Park, WHA Group expanded to the Vietnamese market in 2017 in Nghe An province to develop WHA 1 - Nghe An Industrial Park, a world-class integrated industrial park with high standards of infrastructure and utilities, and environmentally friendly.

Currently, WHA Industrial Park 1 - Nghe An phase 1 (area of 145 hectares) has completed leasing 77% of industrial land to customers from China, Japan, the Republic of Korea, Taiwan (China), Thailand and Vietnam in many fields from food processing, auto parts, solar energy and building materials to electronic equipment.

Currently, this Group started construction of phase 2 (355 hectares) in March 2022 and is accelerating construction to meet the high demand and long-term industrial land use of customers. When phases 1 and 2 of the project are completed, combined with subsequent expansion phases, WHA Industrial Park 1 - Nghe An will have a total area of 2,100 hectares.

In addition, WHA Group signed a Memorandum of Understanding (MoU) with the local government to develop two more industrial parks in Vietnam./.
Compiled by BTA