Trang tiếng Việt
Vietnam – Thailand: Efforts to boost bilateral trade cooperation

VIETRADE - Thailand is currently one of Vietnam's largest trading partners in ASEAN. Trade exchanges between the two countries are on the rise. Although trade deficit with Thailand remains, Vietnam's export revenue to this market has increased sharply in recent times. The two countries are now undertaking efforts to promote bilateral trade.

 

Exports to Thailand continue to increase

Figures from the General Department of Vietnam Customs show that trade exchange between Vietnam and Thailand reached US$7.3 billion in the first 7 months of this year, of which Vietnam's exports to Thailand reached US$2.64 billion, up 26.9% over the same period last year, and Vietnam's imports from Thailand reached nearly US$4.7 billion. Thus, the trade balance between Vietnam and Thailand in the first 7 months of 2017 was tilted towards Thailand with over US$2 billion.

 

In January – July 2017, most of Vietnam's exports to Thailand had an increase in revenue, many of which saw sharp increases.

 

Leading the group of Vietnamese exports to Thailand in the first 7 months of this year were phones of all kinds and components, with their export revenue of US$627.8 million, marking a year-on-year increase of 39% and accounting for 23.7% of total exports.

 

Computers, electronic products and components ranked second with the export revenue reaching US$289.1 million, up 29.2% over the same period last year.

 

With a sudden increase in export revenue, crude oil ranked third in the list of Vietnamese exports to Thailand in the first 7 months of 2017. Specifically, the export of crude oil to Thailand reached US$234.37 million, rising by 224.9% compared to the same period of 2016.

 

Some groups of Vietnamese exports to Thailand also witnessed unexpected increase in the first seven months of this year, such as other basic metals and products with export revenue reaching US$38.74 million, up 117.6 %; paper and paper products over US$12 million, up 145.9%; coal US$6.75 million, up 335.1% over the comparable period last year.

 

In addition, there were also increases in the revenue of many other groups of Vietnam’s exports to Thailand in the first seven months of this year, including many representatives from agriculture, forestry and fisheries. Specifically, the export revenue of aquatic products reached US$137.5 million, up 4%; cashew nut US$48.9 million, up 17.9%; coffee US$41 million, up 35.8%; wood and wood products US$12.1 million, up 4.9%; machines, equipment, tools and other spare parts US$183 million, up 4.8%; iron and steel products US$85.5 million, up 21.2%; iron and steel of all kinds US$82.2 million, up 24.4%; textiles and garments US$57.1 million, up 21.3%; footwear of all kinds US$26.7 million, up 20%; tire cord fabrics and other technical fabrics US$19 million, up 88.1%; fertilizers of all kinds US$4 million, up 88.8% against the same period of 2016.

 

Vietnam’s 10 top export products to Thailand during the first 7 months of 2017

 Vietnams_10_top_export_products_to_Thailand_during_the_first_7_months_of_2017

Source: General Department of Vietnam’s Customs


Determination to soon bring bilateral trade revenue to US$20 billion


During his official visit to Thailand, Prime Minister Nguyen Xuan Phuc and the Prime Minister of Thailand Prayut Chan-o-cha highly appreciated the results of economic and trade cooperation that the two sides have obtained over the past years. At the same time, the two Prime Ministers agreed that the two countries would intensify their cooperation in the field of trade and investment.

 

Prime Minister Nguyen Xuan Phuc and Prime Minister Prayut Chan-o-cha affirmed the determination to bring bilateral trade revenue between Vietnam and Thailand to US$20 billion by 2020, together to support each other to become the regional center of trade and investment, facilitate the goods of the two countries to access each other's markets, and promote rice cooperation.

 

Also in the framework of the Prime Minister Nguyen Xuan Phuc's visit to Thailand, Minister of Industry and Trade Tran Tuan Anh and Minister of Commerce of Thailand Apiradi Tantraporn signed an MoU on economic and trade cooperation between the Ministry of Industry and Trade of Vietnam and the Ministry of Commerce of Thailand. This MoU includes contents regarding trade facilitation, trade promotion, cooperation in the area of trade remedies and some other issues.

 

Especially, during this visit to Thailand by Prime Minister Nguyen Xuan Phuc, the Prime Minister, Minister Tran Tuan Anh, and high-ranking leaders of several ministries and sectors of Vietnam and Thailand attended and cut the opening band of "Vietnamese Goods Week in Thailand” at the Central Plaza Ladprao in Bangkok.

 

"Vietnamese Goods Week in Thailand" was organized by the Ministry of Industry and Trade of Vietnam in cooperation with the Central Group. This event is part of the Government’s project to support Vietnamese goods to enter foreign markets in order to implement the program “Developing Direct Participation of Vietnamese Enterprises on Foreign Distribution System up to 2020.”

 

The Vietnamese Goods Week in Thailand attracted the participation of more than 40 Vietnamese enterprises, including more than 20 in the food industry and more than 20 in household supplies, fashion, footwear, accessories and souvenirs. The enterprises exhibited and introduced their featured products to Thai consumers. In this goods week, the Central Group supported more than 40 Vietnamese businesses and manufacturers to contact directly with over 15 Thai purchasing enterprises. Vietnamese businesses also had a chance to explore the retail systems and modern retail models of the Central Group in Thailand.

 

“Vietnamese Goods Week in Thailand” has created opportunities for Vietnamese businesses to introduce and advertise their brands, agricultural products, food products to the local consumers. At the same time, it has helped businesses to understand the processes and conditions needed to improve the products, enabling success and sustainability of exports to Thailand, this contributing to the development of bilateral trade cooperation.



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