Thai businesses promote trade links with HCM City

The delegation comprises of more than 60 companies involved in the support food and beverage, plastics, cosmetics, garments and textiles, footwear, bags and logistics industries.

Thai businesses hope that through such events, they will set up partnerships with Vietnamese counterparts so as to enhance future trade ties between the two nations.

Le Hung Quoc, President of the HCM City Union of Friendship Organisations, emphasized that Vietnam, Thailand and other ASEAN countries are stepping up preparations for the creation of the ASEAN Economic Community (AEC) later this year.

To conquer the 60 million people market requires ASEAN member countries to overcome many challenges and difficulties. Thai businesses’ trade promotion programmes in Vietnam, demonstrate that the country’s business community have actively prepared for early integration into the AEC, Quoc said

Quoc explained that HCM City trade promotion agencies have been implementing a wide-range of activities for businesses to integrate into the AEC.

He asked domestic businesses to raise their awareness on integration and devise proper investment strategies in-line with Vietnam’s commitments, and also within the parameters of signed free trade agreements.

The total trade volume between Vietnam and Thailand has increased by 12.5% to US$10.6 billion last year alone, and by 8% to US$5.2 billion within the first half of this year.

Thailand is currently the largest importer and the second largest exporter of Vietnam in ASEAN.

Both nations have set a target of raising two-way trade turnover to US$20 billion by 2020.