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"The Push" for Vietnamese goods to enter Thailand PDF Print
Friday, 07 July 2017 09:52

VIETRADE - Thailand is a major trading partner of Vietnam in the ASEAN region. Two-way trade between the two countries increased sharply in the first five months of this year. Vietnam is still boosting trade promotion to this market to increase exports and gradually balance the bilateral trade.


Boosting trade promotion

Commenting on the potential for economic and trade cooperation between Vietnam and Thailand, experts said that although the two countries do not share a border, there are many favorable conditions to promote the trade and investment partnership due to cultural similarities, attention of high level leaders, and the dynamic business communities of the two countries.


The two nations set a target of bilateral trade of US$20 billion by 2020. To achieve this, Vietnam has removed more than 8,600 tariff lines and will continue to remove additional 669 tariff lines by 2018. Thailand also removed more than 9,500 tariff lines under the ASEAN Trade in Goods Agreement (ATIGA).


In particular, Vietnam is actively implementing trade promotion programs to the Thai market to increase export revenue to this market.


The Vietnam’s Ministry of Industry and Trade (MoIT) informed that from July 27 to August 2, 2017, MoIT will co-ordinate with the Central Group Vietnam to organize the Vietnamese Goods Week 2017 in Thailand, at the Central Plaza Ladprao (Bangkok, Thailand), to help increase the presence of Vietnamese goods in the Thai market.


This is the second time MoIT hosted this event in Thailand. The first Vietnamese Goods Week in Thailand was held in 2016, introducing 140 "Made-in-Vietnam" products. At this event, the Thai consumers highly appreciated the quality of Vietnamese goods.


According to MoIT, the aim of Vietnamese Goods Week 2017 in Thailand is to continue the widespread marketing of Vietnamese goods to Thai consumers. It is expected that the event will attract nearly 40 businesses to sell their products at 20 pavilions, mainly confectionery, beverage, tea, coffee, packaged foods, spices, fruits, ready meals, garment and textiles, etc.


For Vietnamese goods to secure a firm foothold and grow in Thailand, MoIT encourages our enterprises to enhance product quality, reduce price and improve marketing as the Thai market has higher and stricter requirements than our market. In addition to good quality, Vietnamese enterprises should also invest in product design and packaging. There should be full product information and usage in both Thai and English on the package so that consumers can choose easily.


Gradually balancing the bilateral trade

According to the statistics from the Vietnam General Department of Customs, in the first five months of 2017, total bilateral trade between Vietnam and Thailand reached US$5.67 billion, an increase of 23% over the same period of 2016.  Vietnam's exports to Thailand totaled US$1.79 billion, up 23.6% and Vietnam's imports from this market totaled US$3.88 billion, up 23% compared to the same period last year.


In January-May 2017, 83.3% of Vietnamese products exported to Thailand saw a growth and only 16.6% saw a decline.


Telephones and components ranked the first among Vietnamese exporting commodities to the Thai market in the first five months of this year when this group had a revenue of US$408.42 million, up 20.4% over the same period last year. Ranking the second was computers, electronic products and components with an export revenue of US$213.55 million, an increase of 56.71% year-on-year. With a sharp increase in export revenue (161.83% higher than that of the previous year, at US$146.94 million), crude oil ranked the third in the list of Vietnam exporting commodities to Thailand in the first 5 months of 2017.


Most Vietnamese goods to Thailand had an increased export revenue in the first 5 months of this year compared to that of 2016, including machinery, equipment, tools, spare parts at US$129.87 million (+5.025); vehicles and spare parts at US$127.51 million (+1.23%); seafood products at US$93.02 million (+0.47%), iron products at US$59.12 million (+18.07%), iron of all kinds at US$58.34 million (+23.21%), garment and textiles at US$38.59 million (+23.97%), fibers and yarns of all kinds at US$33.45 million (+35.23%), cashew nut at US$27.98 million (+12.65%); other common metals and their products at US$27.89 million (+127.88%); chemical products at US$22.7 million, (+7.71%); vegetables and fruits at US$20.71 million (+11.99%), coffee at US$20.46 million (+58.7% ), etc.


Some Vietnamese goods exported to Thailand saw a decrease in value in January-May 2017 compared to the same period of 2016, including animal feed and materials at US$18.34 million (-0.92%,); pepper at US$15.38 million (-6.2%), confectionery and grain products at US$7.59 million (-0.68%), etc.


In the first five months of this year, Vietnam imported the following products from the Thai market: household appliances and components valuing US$454.44 million, a 3.21% drop; machinery, equipment, tools and spare parts valuing US$348.93, a 11.14% increase; automobiles in complete units valuing US$ 287.46 million, a 27.35% increase; vegetables valuing US$286.86 million, up 143.24%; plastics raw materials valuing US$236.54 million, up 15.37%; computers, electronic products and components valuing US$200.64 million, a 42.86% increase over the same period last year.


Over the past years, Vietnam has always run a trade deficit with Thailand. In the first five months of 2017, our country reported a trade deficit of US$2.09 billion with Thailand. Therefore, the introduction of Vietnamese products to Thai consumers through the Vietnamese Goods Week in Thailand will open new doors for Vietnamese enterprises and increase the presence of made-in-Vietnam products in the Thai market. This will help to gradually balance the bilateral trade between the two countries.

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