Speaking at the Vietnam-Thailand Business Forum, themed “One plus one on three connects,” PM Pham Minh Chinh stressed that Thailand is the only country to have a joint cabinet meeting mechanism with Vietnam, initiated in 2004.
Thailand was also among the first ASEAN countries to establish a Strategic Partnership with Vietnam in 2013, he continued.
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Vietnamese Prime Minister Pham Minh Chinh (front, third from left) and his Thai counterpart Paetongtarn Shinawatra (front, second from left) at the business forum in Hanoi on May 16 |
During PM Paetongtarn’s visit, the two countries have upgraded their relationship to a Comprehensive Strategic Partnership.
PM Pham Minh Chinh held that given the current complex, unpredictable, and uncertain situation, with many issues that no single country can resolve alone, Vietnam, Thailand, and ASEAN countries must strengthen unity, embrace diversity, and enhance cooperation.
“While the two countries have already collaborated well, they must now work even better and more effectively, and deliver more tangible results,” the leader said.
Briefing the Thai leader on Vietnam’s situation, PM Pham Minh Chinh noted that Vietnam aims for a GDP growth rate of at least 8% in 2025 and strives to achieve double-digit growth during the 2026 - 2030 period.
He also highlighted Vietnam’s determination to streamline its organizational apparatus; re-organize administrative units; further improve its investment and business environment; achieve breakthroughs in science and technology development, innovation, and national digital transformation; promote the private sector as the most important driver of the national economy; accelerate international integration; and ensure seamless infrastructure connectivity between provinces and regions, as well as national and international connections.
The leader thanked Thai businesses for their practical and effective contributions to Vietnam’s development and the friendly relations between the two countries.
He affirmed that Vietnam is actively addressing obstacles faced by Thai enterprises related to taxes, electricity, digital payments, administrative procedures, and capital access.
The PM urged Thai businesses to continue trusting and staying committed to Vietnam throughout its development process, and to make more contributions to prosperity of both nations as well as the Vietnam-Thailand Comprehensive Strategic Partnership.
The Vietnamese government guarantees the legitimate and lawful rights and interests of investors, ensuring political stability, social order and safety, along with robust institutions, mechanisms, and policies to attract investment, he stated.
In her remarks, PM Paetongtarn emphasized that Vietnam and Thailand need to deepen cooperation to respond to global economic and political instability.
The establishment of the Comprehensive Strategic Partnership between the two countries marks a new era in their relationship, focusing on promoting economic value chains and maximizing the strengths, potential, and advantages of each side, she said.
Thailand and Vietnam are the largest economies in the Greater Mekong Subregion and serve as key drivers of ASEAN’s economic growth, she said.
The two economies are closely interconnected, with many businesses participating in the same value chains. Over 50% of Thailand-Vietnam trade consists of importing and exporting raw materials and components that support manufacturing industries serving both domestic consumption and exports.
Therefore, the leader said, the economic growth of one country presents opportunities for the other.
Noting that the two governments have agreed to promote economic cooperation under the “Three Connections” strategy, PM Paetongtarn stressed the need to connect supply chains in mutually beneficial industries such as petrochemicals, food, electronics components, and logistics.
She also highlighted the importance of developing human resources in future industries like AI and semiconductors.
Through cooperation among more than 20 partner cities, opportunities for local entrepreneurs in trade, investment, and tourism will be expanded, the leader said.
Expressing delight at the prospect of new air routes opening between Vietnam and provinces in Northeastern Thailand, the Thai PM noted that this will be the first international flight from an airport in Northeastern Thailand, which is expected to boost people-to-people exchanges and tourism between the two countries.
The leader emphasized sustainable development connectivity as a key pillar, and stated that the two countries will foster cooperation in renewable energy and digital economic transformation.
She said the Comprehensive Strategic Partnership goes beyond government ties to include partnerships between their private sectors. Notably, the private sectors of both countries are the most important partners in driving concrete cooperation, meeting mutual needs, and advancing the partnership in a practical direction.
Thailand is currently Vietnam’s largest trading partner within ASEAN, with bilateral trade reaching over 20 billion USD in 2024. Thai investors have launched 767 projects in Vietnam, totaling nearly 15 billion USD in registered capital, ranking 9th among 150 countries and territories.
Meanwhile, Vietnam has invested in 22 projects in Thailand with a total capital of nearly 35 million USD.
Participants believed that there remains significant room and potential for further economic, trade, and investment cooperation between the two countries.
Also at the forum, businesses from both countries exchanged cooperation documents.
Vietnam’s FPT Corporation and Thailand’s Sunline Technology signed a Memorandum of Understanding on a strategic partnership in digital banking.
Vietnam Rubber Group and Thailand’s Amata Group reached an MoU on the development of the Dong Nai Industrial Park.
Under another agreement inked on this occasion, Vietjet and Boeing will transfer 50 Boeing 737 aircraft to Vietjet Thailand.
Source: VNA