Thai trade counsellor expects Thailand-Vietnam trade to reach 20 billion USD in 2020

Thailand and Vietnam will achieve the target of raising two-way trade value to 20 billion USD in 2020, Thai Trade Counsellor to Vietnam Pannakarn Jiamsuchon said in an interview granted to the Cong Thuong (Industry-Trade) newspaper.

Thai Trade Counsellor to Vietnam Pannakarn Jiamsuchon (Source: congthuong.vn)

The counselor said Vietnam is a potential market for Thai firms, adding that the key thing for them to reap success in the market is goods quality. She said Thai businesses pay great attention to market study and continuous improvement of product quality and packaging while working to keep price competitive.

The trade official noted that Vietnam is expanding trade ties with many countries through many free trade agreements, therefore competition in the Vietnamese market will become fiercer and fiercer. For Thai firms to maintain their foothold in the market, it is important to continue enhancing the quality of products and services, along with investing in production technology.

According to the official, Vietnamese goods have also made their entry into the Thai market and won over consumers’ trust. Thai consumers hope to see more goods from Vietnam in their market, she said, adding that made-by-Vietnam products popular in the Thai market include fruits and traditional handcrafts.

Counsellor Pannakarn Jiamsuchon said the Governments of the two countries have joined hands to hold trade exchange activities to boost bilateral trade. She said Thailand has invited Vietnamese businesses to participate in trade promotion events in Thailand.

The official highlighted the impressive growth in bilateral trade ties, with value increasing from 6 billion USD in 2009 to 16.6 billion USD in 2018, which is the reason why she believes the goal of 20 billion USD in two-way trade value by 2020 is within reach.