Vietnam, Thailand look towards US$ 25 billion bilateral trade target by 2025

The Vietnamese Embassy in Bangkok in collaboration with the Thai Embassy in Hanoi and the Diplomatic Academy of Vietnam co-organised a webinar on August 26 to celebrate the 45th anniversary of diplomatic relations which officially began in 1976.

As part of his opening speech at the event, Vietnamese Ambassador to Thailand Phan Chi Thanh highlighted the 45th anniversary as a key opportune occasion for the two countries to look back on their achievements and consider the future.

Thai Ambassador to Vietnam Nikorndej Balankura shared this statement and emphasised that the in-depth assessments of speakers at the seminar will make practical contributions to help the two governments solidify the foundation of mutual ties moving forward.

Vietnamese Deputy Foreign Minister Nguyen Quoc Dung stated that the establishment of diplomatic relations between the two sides 45 years ago opened a new era in terms of the friendship and multifaceted co-operation between both countries. This is especially true in the fields of politics, diplomacy, trade, investment, tourism, culture, and social affairs.

At multilateral forums, the two nations have actively boosted co-operation as a mean of strengthening the solidarity and central role of ASEAN. Most recently, their friendship has continued to be demonstrated through great efforts in responding to the COVID-19 pandemic, accessing vaccine supplies, and aiming for socio-economic recovery following the pandemic.         

Thongphakdi expressed his great appreciation for the unprecedented close connection with the Vietnamese side, particularly the frequent dialogues and mutual visits being promoted  at all levels by senior leaders.

He also suggested that the two countries consider building a partnership on three pillars, including sustainable development, sustainable peace, and a sustainable future.

In terms of the multilateral level, both nations effectively co-operate in many regional and international mechanisms, such as ASEAN, the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy  (ACMECS), the Asia-Pacific Economic Cooperation (APEC), the Asia-Europe Meeting (ASEM), and the UN.

With regard to the economy, Thailand is one of the top 10 foreign investors in the Vietnamese market and also the nation’s largest trading partner in ASEAN.

Furthermore, the two countries have always placed great importance on cultural-educational co-operation and people-to-people exchanges, with the Vietnamese-Thai community based in Thailand making significant contributions to fortifying bilateral relations.

Participants focused their discussion on recommendations aimed at strengthening the strategic partnership moving forward.

Both nations should fully tap into the co-operation potential that exists by intensifying exchanges at all levels, sharing their experience, offering mutual support in knowledge and the transfer of technology, along with stepping up co-operation in areas of each side's strengths.

Moreover, the two countries can also explore new co-operation opportunities, in line with the trend of Industry 4.0, such as technology start-ups, digital transformation, the digital economy, innovation, and supply chain re-establishment. This is along with research and production of COVID-19 vaccines and green and sustainable development, they said.

Close co-ordination to promote joint initiatives at ACMECS mechanisms will help to realise their benefits and contribute to the sustainable development of the Mekong sub-region and Southeast Asia.

With regard to the East Sea issue, participants underlined the need for both sides to work together to build mechanisms for resolving conflicts by peaceful means on the basis of respect for international law.

Moving forward, it is anticipated that co-operation will continue to make effective contributions to enhancing the centrality and inner bloc solidarity among ASEAN members, as well as to peace, stability, and shared prosperity in the region.

The webinar serves as a forum in which to review the strong friendship co-operation between the two countries over the past 45 years, whilst affirming both nations'  determination to deepen their strategic partnership in the future.