Thais, Vietnam talk trade
Nations target value of $25bn by 2025
Following talks between cabinet ministers, Thailand and Vietnam aim to increase the value of bilateral trade to US$25 billion by 2025.
Speaking after the fourth Joint Trade Committee meeting between Thailand and Vietnam, Commerce Minister Jurin Laksanawisit said his discussion with Nguyen Hong Dien, Vietnam's minister of industry and trade, led to the mutual target of $25 billion in bilateral trade by 2025, up from $20 billion last year.
The meeting was held in Bangkok.
In 2021, Vietnam was Thailand's second largest trading partner in Asean and sixth largest in the world after China, Japan, the US, the EU and Malaysia.
Trade between the two nations tallied $19.5 billion last year, up 17.3% from 2020. Of the total, Thai exports to Vietnam accounted for $12.5 billion, a gain of 12.3%, and imports from Vietnam represented $6.93 billion, an uptick of 27.6%.
Important Thai export products included automobiles and auto parts, plastic resin, refined oil, chemicals, air conditioners and components, while key import products from Vietnam were electrical appliances, crude oil, electrical machinery and components, steel and steel products, and chemicals.
According to Mr Jurin, Thailand requested Vietnam help facilitate Thai fruit deliveries across borders via Vietnamese checkpoints to China's Youyiguan border checkpoint.
Thailand also called on Vietnam to help negotiate with China to open the Youyiguan border checkpoint around the clock as well as the Pingxiang railway checkpoint, while resuming operation of China's Tongxing checkpoint.
He said Thailand asked for green lanes from Vietnam and China to speed up Thai product deliveries to China and avoid product damage.
Chinese authorities still strictly check all fruit containers entering the country at border checkpoints, in line with its zero-Covid policy.
The checking process delays shipments and sometimes results in fruit spoilage.
Mr Jurin said Thailand also asked Vietnam to help promote Thai trade fairs in Vietnam, especially the Mini Thailand Week events slated for Can Tho on May 20-22 and Quang Ninh on June 16-19.
Thailand sought support for investment in clean energy in Vietnam as well as supplying Vietnamese workers to Thailand, in addition to current employees in the fisheries and construction sectors.
In addition, Thailand called on Vietnam to help expedite Thailand's geographical indication registration request for Lamphun golden dried longan.
Vietnam asked Thailand to help address its bilateral trade deficit by speeding up the import of five Vietnamese fruit: grapefruit, custard apple, passion fruit, star apple and rambutan.