VN, Thailand head to trade value of US$20 bln by 2020

Viet Nam-Thailand trade turnover is expected to reach US$20 billion by 2020 thanks to the two Governments' determination and the proactiveness of the two sides' businesses.

Deputy Minister of Industry and Trade Do Thang Hai made that statement at a conference themed Viet Nam-Thailand trade and investment embrace the potential of Strategic Partnership, which was co-organized by KasikornBank Public Company Limited (KBank) and Viet Nam Trade Promotion Agency (Vietrade) on May 23.

As of January 1, 2015, Viet Nam has reduced 8,600 tariff lines to 0% and will make the same to the rest of 669 tariff lines by 2018. Currently, more than 9,500 tariff lines were listed in the tariff reduction schedule as committed in the ASEAN Trade in Goods Agreement.

The two Governments are actively cooperating to realize measures to support businesses to take full advantages of preferential for enhancing exports.

In the future, the Vietnamese Government will issue policies to develop the auxiliary industry and production of materials to connect Foreign Direct Investment (FDI) businesses with domestic ones, said Mr. Hai.

Viet Nam was the second largest trade partner of Thailand in ASEAN and Thailand was the largest trade partner of Viet Nam.

A cooperative agreement was inked between the trade and investment promotion center for development of industry and trade, under the Ministry of Industry and Trade and Thailand's Kasikorn Bank.

As of the end of 2016, Viet Nam-Thailand trade value was estimated at US$12.5 billion, up nearly 9% against in 2015.

By the end of March 2017, Thai investors poured US$8.13 billion in 458 projects in Viet Nam, ranking 10th among 115 nations and territories.

Currently, KASIKORNBANK has opened 02 representative offices in Ha Noi and Ho Chi Minh City to meet the trade and investment needs of Thai and Vietnamese companies. The representative offices will provide support to connect Thai businesses with Vietnamese enterprises as well as other businesses in South East Asia through its own presences in Cambodia, Laos, Indonesia, and Myanmar and through partnerships with leading commercial banks in the region.

Source: Online Newspaper of the Government of the Socialist Republic of Vietnam