The strategy, approved by Vietnamese and Thai leaders in November 2022 to propel forward the countries' socio-economic development, highlights the three connections between their supply chains (particularly regarding oil refinery, agriculture, and the production of machinery and electronic components), their businesses and localities, and their sustainable development strategies.
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Sanan Angubolkul, Chairman of the Thai Chamber of Commerce, speaks at the event. |
Addressing the seminar on September 26, Vietnamese Ambassador to Thailand Pham Viet Hung and the head of the Thai ministry’s department for East Asia Piyaphak Sricharoen stressed the importance of bilateral economic, trade, investment cooperation and of enhanced connectivity, including the three-connection strategy.
The already established links between the countries’ many industrial sectors and localities are conducive to the implementation of the strategy, Piyaphak said.
Meanwhile, Hung proposed further promoting the participation of and coordination between the public, private sectors, and expert community. He expressed his hope for the early establishment of a joint working group between the two nations to discuss and carry out concrete measures aimed at advancing the strategy.
Sanan Angubolkul, Chairman of the Thai Chamber of Commerce, said Vietnam holds several advantages over Thailand, such as a young population structure, political stability, a strong anti-corruption drive, and numerous free trade agreements (FTAs) signed. He also suggested that Thai businesses seize the opportunity of Vietnam's low production costs, particularly in the food processing sector, adopt appropriate business models and comply to Vietnam’s laws and policies.
Thong Kulthanwat, President of the Thai-Vietnam Business Association, pointed out that a major challenge currently facing northeastern Thailand (bordering Laos and close to Vietnam) is transport infrastructure. Thai goods shipped to Vietnam incur transit costs through Laos, and there is no direct flight from Vietnam to the region. Therefore, Thong held that to implement the strategy, it is necessary to improve transport infrastructure connectivity, not only among Thailand, Laos, and Vietnam but also among Thailand, Laos, and Cambodia.
Source: VNA