Three solutions to promote economic and trade cooperation between Vietnam and China

Towards balancing bilateral trade turnover

The Asia-Africa Market Department ( Ministry of Industry and Trade ) said that Vietnam and Thailand established diplomatic relations on August 6, 1976. Over the past 50 years, the friendly and cooperative relations between the two countries have always developed positively and since upgrading to an enhanced strategic partnership (2015), the relationship between the two countries has increasingly developed deeply and substantially on the basis of mutual respect, trust and mutual benefit.

According to the leader of the Asia-Africa Market Department, in recent years, trade cooperation between the two countries has recorded steady and clear growth in both quality and quantity. Thailand is currently Vietnam's largest trading partner in ASEAN. Meanwhile, Vietnam is Thailand's second largest trading partner (after Malaysia) in ASEAN.

In the period 2013 - 2023, according to statistics from the General Department of Customs, the total import-export turnover between Vietnam and Thailand increased from 10.5 billion USD to nearly 19 billion USD. Illustrative photo

During the period 2013 - 2023, according to statistics from the General Department of Customs, the total import-export turnover between the two countries increased from 10.5 billion USD (in 2013) to nearly 19 billion USD (in 2023). In particular, in 2022, the total import-export turnover between the two countries reached 21.6 billion USD, surpassing the 20 billion USD mark for the first time. Currently, the two countries are aiming to soon achieve a bilateral trade turnover of 25 billion USD in a more balanced direction.

The leader of the Asia-Africa Market Department said that recently, the Ministry of Industry and Trade has implemented many activities in its assigned fields to promote the economic and trade relations between Vietnam and Thailand to develop further.

As evidence, in December 2022, the Ministry of Industry and Trade of Vietnam and the Minister of Commerce of Thailand co-chaired the 4th Meeting of the Joint Trade Committee between the two countries. At the Meeting, the two sides reviewed and updated the situation of trade, industry and energy cooperation between the two countries, and discussed measures to resolve outstanding issues and obstacles.

Also during the meeting, the two Ministers proposed specific directions and action plans to strengthen economic and trade cooperation between the two countries in the coming time, such as: Minimizing the application and finding ways to resolve unnecessary trade barriers to ensure the normal operation of supply chains; establishing information exchange channels between agencies in charge of trade defense; coordinating trade promotion activities in Thailand and Vietnam, encouraging Thai retail groups to act as a bridge to bring Vietnamese goods to Thai consumers and consumers in countries where Thailand has invested in developing distribution systems...

In addition, the Ministry of Industry and Trade also focuses on and promotes policy research, forecasting, and support to remove difficulties in import and export activities of enterprises. Specifically, activities such as compiling the publication "Introducing the Thai market and the impact of non-tariff measures", the Vietnam - Thailand Business Exchange Workshop, the ASEAN Market Introduction Workshop and activities to promote exports to ASEAN, ... have had a very positive impact, highly appreciated by the business community.

"Through handbooks, news articles, as well as consulting and support activities, businesses have a clearer view of the Thai market, understanding the needs, tastes, and consumption trends in Thailand as well as new import-export policies, and things to note in business activities with Thai partners. Many businesses have also quickly resumed business activities with Thai partners after receiving support from the Ministry of Industry and Trade " - Asia - Africa Market Department commented.

Focus on trade promotion and trade connection

At the same time, to promote economic and trade cooperation between Vietnam and Thailand, the Ministry of Industry and Trade has focused on organizing trade promotion programs such as market surveys, trade connection seminars, fairs and exhibitions in the Thai market for businesses to help businesses promote and export goods to the neighboring market, contributing to reducing the trade deficit from this market.

Since 2016, the Ministry of Industry and Trade has coordinated to organize the Vietnamese Goods Week in Thailand to help businesses promote and export goods to the neighboring market, contributing to reducing the trade deficit from this market.

Since 2016, the Ministry of Industry and Trade has coordinated with Central Group - one of the largest multi-industry corporations in Thailand, to organize Vietnamese Goods Week in Thailand. In 2023, the Goods Week will continue to be held at Central World Shopping Center - the largest shopping mall in Bangkok, with the participation of many Vietnamese and Thai businesses.

The Goods Week is the largest trade promotion activity of Vietnam held in Thailand in particular and in Southeast Asian countries in general. These activities have received the attention, support and participation of the Vietnamese business community and have brought many positive results for businesses. Through these programs, businesses have found new and potential partners and customers, directly signed many contracts to buy and sell goods with Thai partners at the events.

To further promote export activities to the Thai market, the Ministry of Industry and Trade recommends that businesses focus on and make good use of potentials and opportunities, specifically:

Firstly, businesses need to grasp the tastes, preferences, and consumption habits of Thai people, so the processing and packaging stages need to meet the needs and preferences of consumers for packaged and pre-processed products of various sizes, especially the trend of consuming green, organic, and environmentally friendly products in Thailand in the fields of food, consumer goods, etc.

Second, businesses need to research and learn carefully; especially the technical standards, processes and conditions for obtaining import certificates from competent authorities, and at the same time need to apply advanced technology in processing and preserving products to ensure maintaining quality during transportation.

Third , businesses continue to participate in exhibitions and trade promotion programs organized by the Ministry of Industry and Trade to promote products, find suitable partners, promote brands based on existing consumer trust, and build product brands with good quality and competitive prices.

On the basis of the solid and good foundation that has been built, with the efforts and determination of the Ministry of Industry and Trade of Vietnam and the attention and support of businesses, the economic and trade cooperation between Vietnam and Thailand will certainly achieve many new achievements and have more development momentum in the coming years.

Source: https://congthuong.vn/ba-giai-phap-thuc-day-hop-tac-kinh-te-thuong-mai-giua-viet-nam-thai-lan-323697.html