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Việt Nam, Thailand to advance “three connections” to raise bilateral trade to US$25b

Vietnamese Deputy Minister of Foreign Affairs Đỗ Hùng Việt and Permanent Secretary for Foreign Affairs of Thailand Sarun Charoensuwan co-chaired the ninth political consultation between the two countries in Hà Nội on Tuesday.

The two sides shared the view that cooperation in politics - diplomacy, security, and defence remains one of the important pillars of the Việt Nam - Thailand relations. They reaffirmed the commitment to not allowing any individual or organisation to use the territory of one country to harm the other.

They agreed to enhance cooperation between the two foreign ministries’ relevant units, work closely to promote the fruitful implementation of the action plan for carrying out the countries’ enhanced strategic partnership 2022-27, and step up the signing of important documents in different spheres, thereby further intensifying the enhanced strategic partnership.

The two officials highly valued the vigorous growth of economic, trade, and investment ties while agreeing on coordination to promote the fruitful implementation of their countries’ “three connections” strategy (connecting supply chains; connecting economic sectors, businesses, and localities; and connecting green and sustainable growth strategies) so that bilateral trade can reach the target of US$25 billion in the near future.

Việt said both sides should make full use of bilateral cooperation mechanisms to discuss concrete measures for tackling difficulties, creating favourable conditions, and further opening their markets to each other’s goods.

He asked Thailand to consider minimising the imposition of trade barriers to help reduce trade deficit for Việt Nam; increase investment in the fields matching the two sides’ strength and potential such as tourism, renewable energy, food processing, smart agriculture, and infrastructure building; and expand cooperation to new areas like digital economy, green economy, and high technology.

At the event, Việt Nam and Thailand also agreed on the need to further reinforce ties in other important areas, including agriculture, transport, maritime cooperation, tourism, culture, education, people-to-people exchange, and locality-to-locality collaboration.

Charoensuwan affirmed that Việt Nam is an important strategic partner of Thailand in the region, and that Thailand’s consistent foreign policy is to further strengthen bilateral cooperation in all aspects.

He concurred that the two sides should consider limiting the imposition of trade barriers to each other’s goods.

Most leading enterprises of Thailand are operating effectively in Việt Nam, and many plan to expand investment and hope for more optimal conditions provided by the Vietnamese Government, he noted.

The Permanent Secretary also spoke highly of the role of and contributions by the Vietnamese community in his country to local socio-economic development, describing them as an important bridge helping foster mutual understanding and relations between the countries.

The two officials also exchanged views on international and regional issues of common concern.

They perceived that the enhancement of mutual trust and the enhanced strategic partnership both bilaterally and in international and regional mechanisms, especially the United Nations, the Association of Southeast Asian Nations (ASEAN), and the Mekong sub-regional cooperation, will help the two countries respond to challenges more effectively, work towards sustainable development, and contribute to regional peace and stability.

They underlined their countries’ wish to turn the South China Sea (known in Việt Nam as the East Sea) into a sea of peace, stability, cooperation, and development and join other ASEAN countries in seriously and fully implementing the Declaration on the Conduct of Parties in the South China Sea (DOC) and soon finalising an efficient and effective code of conduct (COC) that is in accordance with international law and the 1982 UN Convention on the Law of the Sea (UNCLOS).

Viet Nam News