Vietnam, Thailand discuss ways to achieve US$20 billion in trade

The two-day event is co-chaired by Minister of Industry and Trade (MoIT) Tran Tuan Anh and Thai Commerce Minister Sontirat Sontijirawong.

At the meeting, the two sides will review economic and trade cooperation of the nations since the previous meeting in 2015, as well as discuss plans to bring two-way trade to US$20 billion in 2020 and ensure a more balanced trade in the time to come.

Measures to address obstacles in export-import activities are high on the agenda.

The meeting will also talk about ways to promote collaboration in related areas, including trade facilitation, agriculture, transport connectivity, customs, banking, investment, labour, intellectual property, regional and sub-regional cooperation.

Thailand is currently Vietnam’s largest trade partner in the Association of Southeast Asian Nations (ASEAN), according to the Department of Asia-Africa Markets under the MoIT.

Last year, Vietnam - Thailand trade rose to US$15.3 billion from US$11.5 billion in 2015, recording an average growth rate of 15.5% per year.

As of the beginning of July 2018, bilateral trade reached around US$8 billion, a rise of 14.7% year-on-year. Vietnam’s export revenue to Thailand hit US$2.7 billion in the period, while its import stood at US$5.3 billion.

Thailand’s statistics showed Vietnam is the second largest trading partner of Thailand in ASEAN, after Malaysia.