Thailand and Vietnam target US$25bn trade boost
PM Paetongtarn unveiled the Three Connects plan to boost bilateral trade by 2030
Thailand and Vietnam have committed to strengthening economic ties and aim to increase bilateral trade to US$25 billion (833 billion baht) annually in the near future, according to Prime Minister Paetongtarn Shinawatra.
During a media briefing following the 4th Thailand–Vietnam Joint Cabinet Retreat (JCR), co-chaired with Vietnamese Prime Minister Pham Minh Chinh during her official two-day visit which ended yesterday, May 16, the Thai premier made these remarks. This retreat was the first in 20 years since its inception under her father, Thaksin Shinawatra’s administration.
Government Spokesperson Jirayu Houngsub stated that the JCR provided a platform to evaluate bilateral cooperation progress and outline a comprehensive future collaboration strategy. Discussions focused on security, trade and investment, tourism, connectivity, sustainable development, and people-to-people relations.
Yesterday, Paetongtarn announced an agreement to promote trade and economic links through the Three Connects plan, addressing supply chains, the local economy, and the green economy. The goal is to increase bilateral trade to US$25 billion as soon as possible, with Bloomberg quoting the Vietnamese government aiming for this by 2030.
The 38 year old Thai PM mentioned plans to convene a Joint Trade Committee meeting and support increased trade in livestock and agricultural products, as well as facilitate transportation of Thai goods to China via Vietnam. She also expressed gratitude to Hanoi for supporting Thai investors and welcomed Vietnamese investors to expand in Thailand.
The National Broadcasting Services of Thailand reported plans to establish direct flights between Thailand’s northeastern region and Vietnam to boost tourism and contact, though details were not provided. Additionally, plans include promoting land transport via Laos and water transport between Thailand, Cambodia, and Vietnam.
Approximately 1 million Vietnamese tourists visit Thailand annually, while 500,000 Thai tourists travel to Vietnam, favouring destinations such as Hue, Danang, Dalat, and Sapa. Thailand and Vietnam have elevated their relationship to a comprehensive strategic partnership, a significant achievement amid global uncertainty.
Paetongtarn noted the agreement to encourage regular high-level exchanges, with Vietnam invited to the Mekong–Lancang Summit in Thailand later this year, as they prepare to celebrate 50 years of diplomatic relations next year.
Both countries pledged to enhance security cooperation, targeting drug trafficking, call centre scams, online fraud, human trafficking, and illegal fishing. The Pheu Thai leader emphasised successful bilateral efforts in tackling illicit drug precursors and intelligence sharing to combat cross-border crime.
Furthermore, Thailand and Vietnam agreed to advance cooperation in the digital economy and cross-border QR payments, enabling users to pay for goods and services using mobile banking apps by scanning QR codes, reported Bangkok Post.
The two prime ministers witnessed the signing of numerous cooperation documents covering trade, anti-narcotics, banking, education, and aviation. Thailand is Vietnam’s largest trading partner in ASEAN, with bilateral trade surpassing US$20 billion last year.
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