Speaking at Thailand’s ninth Trade Policy Review on December 1 in Geneva, Ambassador Mai Phan Dung, Permanent Representative of Vietnam to the U.N., the World Trade Organization and other international organizations, described bilateral trade relations between the two countries as among the most successful economic cooperation models within the Association of Southeast Asian Nations (ASEAN).
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Ambassador Mai Phan Dung, Permanent Representative of Vietnam to the U.N., the World Trade Organisation and other international organizations, speaks at the event. |
Building on strong political trust and dynamic trade flows, both sides have demonstrated that regional cooperation is key to shared prosperity. Vietnam, he said, looks forward to deepening collaboration with Thailand to fully harness free trade agreements and other existing cooperation frameworks for the benefit of businesses and citizens.
The Vietnamese diplomat commended Thailand for maintaining its status as an upper-middle-income economy and one of Asia’s largest, with GDP reaching nearly 526 billion USD and its trade-to-GDP ratio rising from about 98% in 2020 to around 137% in 2024, reflecting the country’s deep integration into global markets.
Statistics show that in 2024 Thailand ranked among Asia’s top 10 merchandise traders and, globally, 27th in exports and 23rd in imports. The country has also displayed resilience despite economic and trade volatility due to the COVID-19 pandemic and global supply chain disruptions, with merchandise exports of around 300 billion USD and imports nearing 308 billion USD.
Foreign direct investment (FDI) continues to play a vital role in Thailand’s economy. In 2024, the country attracted more than 10 billion USD in foreign investment, equivalent to nearly 2% of GDP. Thailand’s FDI stock rose by about 20% to nearly 353 billion USD, approximately 67% of GDP, primarily in manufacturing and financial services. Outward investment has also expanded, including in Vietnam, particularly in manufacturing, finance, insurance, and wholesale and retail trade.
On trade remedies, the ambassador noted Thailand’s application of anti-dumping measures on steel products targeting exporters in the Asian region. Vietnam, he said, hopes Thailand will ensure objective and transparent investigations, fully comply with the WTO Anti-Dumping Agreement, and consider lifting these measures to facilitate Vietnamese exports.
At the multilateral level, he welcomed Thailand’s strong support for the WTO and the rules-based multilateral trading system. Thailand remains an active WTO member, participating in numerous joint initiatives and contributing to a more predictable and stable global trading environment, to the benefit of businesses and consumers worldwide, he stated.
Source: VNA