Vietnam and Thailand should make the most of the free trade agreements (FTAs) they have joined to further enhance their trade links, Deputy Minister of Industry and Trade Nguyen Cam Tu stressed.
A booth at the Vietnam Goods Fair 2016 in Thailand (Source: baocongthuong.com.vn)
Bangkok (VNA) – Vietnam and Thailand should make the most of the free trade agreements (FTAs) they have joined to further enhance their trade links, Deputy Minister of Industry💦 and Trade Nguyen Cam🔯 Tu stressed.
In his speech at the Vietnam Goods Fair 2016 in Thailand, which kicked off at the Central Word Plaza in Bangkok on August 11, Tu highlighted the potential and opportunities for the two sides to foster economic and trade cooperation, towards a prosperous future in both countries.
According to the Vietnamese official, the formation of the ASEAN Economic Community (AEC) opened up great opportunities for the two sides to boost ties through fully and deeply joining supply and value chains in the region and globally, thus expanding their market to member nations of FTAs with ASEAN.
He noted that both Vietnam and Thailand are members of several FTAs between the bloc and its partners such as China, Japan, the Republic of Korea, India, Australia, and New Zealand, so the two countries’ enterprises need to fully tap opportunities brought about by those FTAs to be able to make inroads into more markets and reinforce their links.
About 50 Vietnamese high-quality brands are displaying their goods at the four-day fair. Many goods imbued with Vietnam’s cultural identity, and traditional foods are being introduced at the event.
The same day, a Vietnam-Thailand business forum took place in Bangkok with the participation of representatives from the Vietnamese Embassy, the Thailand-Vietnam Business Council, the Vietnam Association of Small and Medium-sized Enterprises, the Thai Ministry of Commerce and those from Vietnamese and Thai businesses.
Participants pointed out the prospects for business cooperation between the two nations when FTAs between Vietnam and its partners take effect, while sharing trade experience in Vietnam and proposing ways to boost trade promotion.
The fair and forum offer chances for both countries’ firms to seek partners, to introduce opportunities in Vietnam to Thai investors, while promoting Vietnamese goods to the Thai market.
Statistics from the Vietnamese Embassy’s Commercial Affairs Office in Thailand revealed two-way trade between the countries recorded strong growth in the last five years, hitting 10 billion USD and maintaining an average growth of 10 percent in many consecutive years.
Vietnam-Thailand trade value has reached about 5.6 billion USD so far this year. The two Governments are set to lift the figure to 20 billion USD by 2020.-VNA
Vietnam and Thailand jointly issued a set of commemorative stamps in Hanoi and Bangkok on August 5 to celebrate the 40th anniversary of the two countries’ diplomatic relations (August 6, 1976).
Despite ups and down, the relationship between Vietnam and Thailand has progressed over the past 40 years with strongly developing people-to-people exchanges.
The Thai Government’s establishment of diplomatic ties with Vietnam 40 years ago was based on their good neighbourliness and friendliness, said a Thai former official.
Deputy Prime Minister and Foreign Minister Pham Binh Minh hosted a reception for former Thai Deputy Prime Minister and Foreign Minister Bhichai Rattakul in Hanoi on August 9.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
A booth at the Vietnam Goods Fair 2016 in Thailand (Source: baocongthuong.com.vn)
