In the first ten months of this year, two-way trade between Vietnam and Thailand hit USD 17.8 billion, up 22.8% annually. It is predicted to reach the target of USD 25 billion soon at this growth pace, according to the Ministry of Industry and Trade’s Department of Asia-Africa Markets.
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A garment factory in Vietnam |
The department said the two governments had established a Joint Trade Committee co-chaired by the Vietnamese Minister of Industry and Trade and the Thai Minister of Commerce to settle arising issues in economic and trade ties. The committee’s fourth meeting was held in April in Bangkok under the chair of the two ministers.
Vietnam, Thailand and other ASEAN members have also joined bilateral and multilateral deals like the ASEAN Trade in Goods Agreement, ASEAN’s free trade agreements with partner countries, particularly the Regional Comprehensive Economic Partnership – the world’s biggest free trade agreement that took effect in early 2022.
Since travel returned to normal following COVID-19, trade promotion activities like market survey trips, seminars, exhibitions and fairs have been held in-person.
Vietnam mainly exports manufactured and processed items to Thailand, which account for over 60% of Vietnam's total exports to the country, namely mobile phones and spare parts, machinery and equipment, computers, electronics and accessories, transport vehicles, metal products and apparel. Construction materials, especially iron and steel, are also Vietnam’s important currency earners.
However, Vietnam and Thailand’s exports are similar, especially agro-fishery products, creating competition. Thailand has so far allowed the import of only five types of Vietnamese fruits, namely white and red dragon fruits, lychee, longan and mango.
Nguyen Thanh Huy from the Vietnam Trade Office in Thailand said Thai consumers favor processed and packaged foods, so Vietnamese exporters should focus on building specific market strategies and trademarks with goods that satisfy local tastes like low sugar and low fat food, as well as e-commerce.
He advised them to meet technical standards and use modern technology in processing and preservation to maintain product quality during transportation, and join more exhibitions and fairs to promote products and seek partners.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien wished the Vietnamese Ambassador together with Vietnamese Embassy in Thailand continue supporting the Vietnam Trade Office to hold cooperation activities between the two countries, thus contributing to bilateral economic development and friendship.
Source: VNA