Thailand and Vietnam Thursday reconfirmed their target of increasing trade between the two countries to US$15 billion (491 billion baht) by 2020.
Prime Minister Prayut Chan-o-cha reviews a guard of honour with his Vietnamese counterpart Nguyen Tan Dung at the Presidential Palace in Hanoi Thursday. (Reuters photo)
Prime Minister Prayut Chan-o-cha and his Vietnamese counterpart Nguyen Tan Dung discussed how to achieve this goal via the promotion of trade and investment, particularly with regard to agricultural products such as rice and rubber.
The two leaders also agreed to promote connectivity, development and trade through the framework of the East-West Economic Corridor (EWEC) and the North-West Economic Corridor (NWEC).
The EWEC is an economic development programme initiated in order to promote development and integration of four Southeast Asian countries, namely Myanmar, Thailand, Laos and Vietnam.
The NWEC covers Thailand, Myanmar, Laos, China and Vietnam.
Gen Prayut led the Thai delegation which included Deputy Prime Minister and Foreign Minister Tanasak Patimapragorn, Science and Technology Minister Pichet Durongkaveroj, and Culture Minister Vira Rojpojchanarat on the two-day official visit to Vietnam that ends Friday. They visited Laos on Wednesday and Thursday.
After two days in Thailand, Gen Prayut will travel to Malaysia Monday for crucial talks with his counterpart Najib Razak.
The target of $15 billion in trade by 2020 was set early this year by Hanoi and the Yingluck Shinawatra government. This year's bilateral trade is estimated to reach $10 billion.
Gen Prayut thanked the Vietnamese government for helping take care of Thai investors in Vietnam and requested that the two countries' agencies which oversee investment work more closely together and set up a joint mechanism to promote trade and investment.
According to a joint statement, the leaders of the two countries agreed to throw their support behind air route expansions for budget airlines operating between Thailand and Vietnam as well as develop coastal cruises to promote tourism.
Thai-Vietnamese relations are now at a good level, Gen Prayut said, as both countries have made efforts to strengthen them.
Gen Prayut also expressed his satisfaction that Thai-Vietnamese relations have been making speedy progress, especially after June 2013 when the leaders of the two countries officially declared a strategic partnership.
He said Thailand and Vietnam will mark the 40th anniversary of the establishment of diplomatic relations in 2016.
Gen Prayut also invited his Vietnamese counterpart to attend the 5th Greater Mekong Sub-region talks to be held in Thailand on Dec 19-20 and the 3rd Joint Thai-Vietnamese Cabinet Meeting to be held in Thailand early next year.
The prime minister's other meetings during his visit are with Vietnamese President Truong Tan Sang, Chairman of the National Assembly Nguyen Sinh Hung, and President of the Thailand-Vietnam Friendship Association Ta Quang Ngoc.