Businesses seek to boost exports to Laos, Thailand

The event will also raise issues related to the export and import of processed agricultural products and foodstuffs between Vietnam and these markets.

Statistics from the Ministry of Industry and Trade show trade turnover between Vietnam and Laos in the first five months of this year reached US$708.2 million, of which exports to Laos dropped 11.7% compared to the same period last year to US$247.2 million.

Vietnam’s main export items include iron and steel, means of transport and spare parts, machinery, equipment, tools, fertilizers, plastic products, fruit and vegetables.

Meanwhile, Vietnam's trade turnover with Thailand witnessed a seven-fold increase from US$2.31 billion in 2004 to US$16.58 billion in 2020, with the annual average growth expanding more than 11%, according to statistics of the International Trade Center (ITC).

In the first five months of this year alone, bilateral trade hit nearly US$8.57 billion, of which Vietnamese exports surged 15.6% to US$2.95 billion and its imports edged up 3.5% to US$5.26 billion.

Despite being the world’s leading exporter of agricultural products, Thailand has huge demand for importing fresh fruits and vegetables.

This will create a wealth of opportunities for Vietnamese farm producers to explore the billion-dollar market moving forward, say experts.

At present, Vietnam’s seafood, vegetables, cashew nuts, coffee, pepper, and fresh fruits are also being favored by Thai consumers.