Vietnam & Thailand eye $25bln in bilateral trade

National Assembly Chairman Vuong Dinh Hue has proposed that relevant bodies in Vietnam and Thailand accelerate coordination to promote the “Three Connects” strategy in order to soon reach the bilateral trade target of $25 billion.

Chairman Hue made the comments during a meeting with the Speaker of the House of Representatives of Thailand Wan Muhamad Noor Matha on August 7 on the sidelines of the 44th General Assembly of the ASEAN Inter-Parliamentary Assembly (AIPA) in Jakarta, Indonesia.

As 2023 marks the tenth anniversary of the bilateral Strategic Partnership, he said, the two sides should strengthen coordination to implement the strategy, which is (1) Connecting the two countries’ complementary supply chains; (2) Connecting grassroots economies, businesses, and localities; and (3) Connecting sustainable growth strategies.

Delighted at the status of their friendship and cooperation, the parliamentary leaders noted that the bilateral economic partnership is growing strongly, with Thailand being Vietnam’s largest trade partner and the second-largest investor among ASEAN member countries.

Two-way trade reached $19 billion in 2021, an 18 per cent increase against 2020. In the first ten months of 2022, trade was $17.8 billion.