Outstanding trading partner
Thailand remains Vietnam's largest trading partner in ASEAN. Vietnam is Thailand's second largest trading partner in ASEAN and sixth largest in the world after China, Japan, the US, the EU and Malaysia.
Regarding investment, in 2022, Thailand has 37 newly licensed projects. If calculated cumulatively, Thailand currently has 677 projects with a total investment capital of 13.09 billion USD. Thailand ranks 9th among foreign direct investors in Vietnam and 3rd in ASEAN after Singapore and Malaysia.
In recent meetings, the leaders of the two countries agreed to achieve the target of bilateral trade turnover of 25 billion USD by 2025 through the "Three Connectivity" strategy including supply chain connection; connection of basic economic sectors, especially connection between micro, small and medium enterprises, local enterprises; and finally connection of sustainable growth strategies of the two countries, namely Vietnam's national strategy on green growth and Thailand's bio-circular-green (BCG) economic model.
According to Mr. Chu Duc Dung, Consulate General of Vietnam in Khon Ken, Kingdom of Thailand, it can be seen that the potential of the Northeast region of Thailand is very large, however, the reality of development cooperation between Central Vietnam, Central Laos and Northeast Thailand in terms of trade, investment and tourism is not commensurate. We should come up with solutions to overcome this problem with the goal of making it most convenient to introduce, promote, connect product consumption, expand import and export markets, and find partners to promote investment and trade between businesses in the North Central region of Vietnam and the northeastern provinces of Thailand.
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| Vietnamese goods in the Thai market |
Mr. Ho Van Lam - Chairman of the Thai - Vietnamese Business Association said that Thailand is one of the partners with large import and export turnover, with the total trade value always being among the 10 countries with the largest trade relations with Vietnam. In recent years, Thai enterprises and overseas Vietnamese enterprises have brought many Vietnamese products into the Thai market in the form of official and unofficial channels to introduce to Vietnamese consumers. Not only agricultural products, products such as seafood, vegetables, cashew nuts, coffee, pepper, many items such as fresh fruits from Vietnam are also favored by Thai consumers, especially in the Northeastern market of Thailand.
Opportunity for Vietnamese goods to penetrate the Thai market
According to Mr. Chu Duc Dung, Consulate General of Vietnam in Khon Ken, Kingdom of Thailand, Vietnam has a great advantage in exporting to Thailand because of the large Vietnamese community living in this country. Among them, many own supermarkets, stores distributing and supplying goods, this is a favorable condition to market the image of Vietnamese agricultural products to Thai people.
"There are about 100,000 overseas Vietnamese living here. Among them, many own supermarkets, distribution and supply stores, which is a favorable condition to introduce Vietnamese goods to Thailand," said Mr. Dung.
Mr. Ho Van Lam informed that the potential and opportunities for connecting the consumption of products from the 6 North Central provinces of Vietnam to the provinces of the Northeast of Thailand are huge. In addition to the favorable geographical location for Vietnamese enterprises to transport goods through Laos to the Northeast of Thailand. This is also the area where the Vietnamese community is most concentrated in Thailand, with more than 100,000 people. This can be considered a natural and strong support force for Vietnamese enterprises to penetrate the local market. Vietnamese enterprises can also receive significant support from the community of nearly a thousand overseas Vietnamese enterprises. Among them, there are many prosperous enterprises, highly appreciated by the local government and community.
"To support and facilitate Vietnamese enterprises to introduce their products in the Thai market. Currently, the Association has established the Vietnam Goods Exhibition Center at the VT-Namnueng Udon Thani Trade Complex, to introduce and consume products, develop distribution channels for Vietnamese goods in Thailand, introduce Vietnamese goods to Thai consumers and overseas Vietnamese to continue responding to the campaign for Vietnamese people to prioritize using Vietnamese goods" - Mr. Lam added.
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