To realise this target, he told a recent press conference that both countries’ enterprises need to promote investment and business cooperation to tap each side’s potential and strengths.
They should also take full advantage of the 600 million people market of the Association of Southeast Asian Nations (ASEAN) to set a foundation to introduce their products to the global market, he said.
Chivanno said all countries in the association will see economic challenges and opportunities as they join the ASEAN Economic Community (AEC) in 2015, adding that the Thai trade office in Vietnam is supporting both sides’ businesses in actively integrating into the regional economy.
According to Busaba Butrat, Commercial Counsellor of the Thai Embassy in Vietnam, most ASEAN member states produce similar commodities and Thailand has always focused on developing trade with regional countries including Vietnam.
Therefore, there is a great potential for enterprises in the region to cooperate in producing goods to export to the world, she noted.
Regarding Thailand’s trade with Vietnam, Busaba Butrat said there has always been a tight connection in bilateral trade exchanges, which is reflected by more than 20 trade fairs and exhibitions of made-in-Thailand products held annually in Hanoi and Ho Chi Minh City.
Despite the global economic downturn, two-way trade has kept growing, she said, adding that Vietnam’s demand for made-in-Thailand goods and services has increased considerably in the last five years, while Vietnamese goods and services are increasingly consumed in the Thai market.
Last year, Vietnam’s exports to Thailand surged by 47 percent from 2011.In the first months of this year, it grew by over 40 percent year-on-year. Thailand’s exports to Vietnam are also up by more than 30 percent during the period.
A large number of Thai businesses are seeking investment opportunities in Vietnam as it boasts plentiful production materials suitable for her country, she said.
Both sides’ firms are able to promote production and trade cooperation in the fields of agricultural products, garments and textiles, footwear, electrical goods and processed food, she added.-VNA