On the afternoon of May 16, Politburo member and Prime Minister Pham Minh Chinh and Thai Prime Minister Paetongtarn Shinawatra co-chaired the Vietnam - Thailand Business Forum.
At the Forum, Prime Minister Paetongtarn Shinawatra affirmed that the two countries need to cooperate more closely to respond to global economic and political instability, promote economic value chains, and take advantage of potential and advantages. She emphasized the role of connecting supply chains in the petrochemical, food, electronic components and logistics industries, developing human resources in future industries such as AI and semiconductors.
According to Prime Minister Paetongtarn Shinawatra, the Northeast region of Thailand will increase connectivity with Central and South Vietnam, through cooperation with more than 20 partner cities. New routes will be opened between the two countries.
Prime Minister Paetongtarn Shinawatra assessed Thailand and Vietnam as the two largest economies of the Greater Mekong Subregion, playing a role as growth drivers for ASEAN. More than 50% of bilateral trade is raw materials and components for production. The growth of one country is the opportunity of the other.
The two Governments agreed to promote cooperation under the Three Connectivity Strategy, including: supply chain connectivity, local connectivity and sustainable development connectivity. At the same time, strengthen cooperation in renewable energy, digital transformation, green and circular economy.
Thailand is currently Vietnam's largest trading partner in ASEAN. In 2024, two-way trade turnover will reach more than 20 billion USD. Thailand has 767 investment projects in Vietnam, with a total capital of nearly 15 billion USD, ranking 9th out of 150 countries and territories. Vietnam invested in 22 projects in Thailand with nearly 35 million USD.
For his part, Prime Minister Pham Minh Chinh emphasized the traditional relationship between the two countries, including the mark of President Ho Chi Minh who served in Thailand.
Important milestones in Vietnam - Thailand relations are associated with the Shinawatra family: In 2004, Prime Minister Thaksin Shinawatra proposed a general cabinet meeting mechanism; in 2013, Prime Minister Yingluck Shinawatra established a strategic partnership; and now, the two countries upgraded their relationship to a Comprehensive Strategic Partnership during Prime Minister Paetongtarn Shinawatra's visit.
The Prime Minister said that 2025 is the year Vietnam "accelerates, breaks through, reaches the finish line" to complete the development target for the period 2021-2025, aiming for GDP growth of at least 8%. Vietnam focuses on selective investment, prioritizing high technology, innovation, digital economy, green economy, green finance, etc.
Vietnam continues to strongly reform institutions, streamline the apparatus, improve the investment environment, develop synchronous and modern connecting infrastructure and promote training of high-quality human resources. The Government guarantees legitimate rights for investors, promotes "3 together" relations: listen together, share together, cooperate together for development.
At the Forum, businesses of the two countries signed many cooperation documents such as: FPT Corporation and Sunline Technology Corporation signed a Memorandum of Understanding on strategic partnership in the field of digital banking; Vietnam Rubber Group and Amata Group signed a Memorandum of Understanding on the development of Dong Nai Industrial Park; Vietjet and Boeing signed an agreement on the transfer and operation of 50 Boeing 737 aircraft in Thailand.
