PM attends Vietnam-Thailand economic cooperation forum

The event drew over 500 businesses from the two countries.

Addressing the function, PM Phuc said the bilateral economic ties have seen progresses since Vietnam and Thailand established strategic partnership four years ago.

He cited that two-way trade reached over US$12.5 billion. Thailand now has 470 foreign direct investment (FDI) projects worth over US$8 billion in Vietnam. A number of Thai groups have been present in the country.

Vietnamese tourists to Vietnam hit 830,000 while nearly 270,000 Thais visited Vietnam, he added.

According to the PM, Vietnam has stable macro economy and records a growth of 6 percent over the past 30 years. It is home to about 23,000 FDI projects with a total investment of over US$325 billion.

The country is proactively integrating into the world and is an active and responsible member of the ASEAN Community.

It signed 12 free trade agreements (FTAs) and is negotiating another four deals to link its economy with 55 nations, including those from G7 and G20, he said.

He noted that Vietnam is stepping up the merger and acquisition (M&A) activities in combination with equitisation of State enterprises in the fields of transport, infrastructure, food, agriculture, telecommunication, trade, services, tourism and construction.

The Vietnamese Government leader invited Thai businesses to become strategic shareholders of Vietnam’s State-owned groups and corporations.

The Vietnamese Government is intensifying efforts to reform institutions and legal framework while promoting public-private partnership (PPP) in infrastructure development and encouraging foreign investors to join in with flexible capital contribution and favourable mechanism, he added.

Vietnam continues encouraging startups and connecting the country’s startup ecosystem with the region and the globe as well as creating the best conditions for foreign companies to invest in local startup firms.

PM Phuc affirmed that the Vietnamese Government will provide more support for foreign investors to do business in the country in the spirit of win-win cooperation.

“Your success is our success,” he told participating businesses, adding that his government will develop infrastructure, train human resources and improve business environment to fuel sustainable development in the future.

Emphasising the role of businesses in bringing two-way trade to US$20 billion in 2020, the PM said during talks with his Thai counterpart Prayut Chan-ocha on August 17, the two sides have discussed the organisation of the joint cabinet meeting on an annual or biennial basis, including the settlement of difficulties for investors and the improvement of air, land and sea route infrastructure connectivity, Phuc said.

He hoped Vietnamese and Thai businesses will shake hands to reap early successes in the future.