Vietnam and Thailand promote cooperation in logistics sector

According to speakers at the “Promoting Vietnam-Thailand Logistics Sector Connectivity” conference and the “Vietnam-Thailand Business Networking Program” held on October 29 in Bangkok (Thailand), Vietnam and Thailand have many oppotunities in developing the logistics sector.

Within the ASEAN region, Thailand is seen as Vietnam’s largest trading partner, with two-way trade value expected to reach $25 billion in the coming years,  and second-largest investor, with total registered investment capital now exceeding $14 billion. Major Thai corporations are present in almost all centrally-run cities and provinces of Vietnam.

Furthermore, according to Vietnamese Ambassador to Thailand Pham Viet Hung, Thailand is a country with extensive experience in developing  logistics services in the region. “Therefore, there is significant potential for connecting the logistics service industries between Vietnamese and Thai businesses, from investing in warehousing infrastructure, factories, and piers to adopting modern technology and equipment, and forming joint ventures and partnerships between companies from the two nations,” the ambassador said.

Meanwhile, Vietnam and Thailand have close geographic proximity, therefore, connecting businesses from both countries, linking road and waterway infrastructure, continuing to develop the East-West Economic Corridor and the Southern Economic Corridor, and adding more flight routes will greatly contribute to economic and trade relations between Vietnam and Thailand. With the dynamic economies and strategic positions of both countries in the region, the Vietnam-Thailand partnership holds great potential for further, in-depth development in the future.

“Thailand and Vietnam share similar geographical characteristics for logistics, and Agility’s 2023 Emerging Markets Logistics Index shows that Vietnam’s logistics industry is rapidly advancing, ranking 10th out of 50 emerging logistics markets worldwide, which I deeply admire,” said Mr. Vathit Chokwatana, Vice Chairman of the Federation of Thai Industries (FTI).

Currently, the manufacturing sector in both countries are strongly developing, therefore, the logistics industry will have vast opportunities to enhance connectivity between Vietnam and Thailand. Additionally, both sides also need to complete trucking routes connecting the two countries to ensure seamless operations and more efficient activities.

Along with that, Mr. Kich Aungvitulsatit, Chairman of Business Promotion Committee at the FTI in ASEAN, said that the logistics business sector is a critical mechanism for trade and investment, serving as an intermediary in the supply chain between buyers and sellers. Besides, the logistics industry includes various fields with different knowledge and expertise requirements.

Therefore, in order to boost the cooperation in the logistiscs sector in the coming times, Mr. Aungvitulsatit noted that human resource development is really essential for advancing the logistics sector between the two countries.