Trade with Southeast Asian markets boosted
Vo Tan Thanh, vice president of the Vietnam Chamber of Commerce and Industry, speaks at the Southeast Asia Outbound Investment Forum in HCM City on March 28
According to Vo Tan Thanh, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), Thailand is Vietnam’s largest trading partner among ASEAN countries, with bilateral trade reaching over 17.5 billion VND in 2018, a year-on-year increase of 15 percent.
Vietnam’s trade with Cambodia, Laos and Myanmar also grew in 2018, he said at the Southeast Asia Outbound Investment Forum.
Vietnam ran a trade deficit with Thailand because it imported a lot of machinery and equipment, raw materials for domestic production and automobiles, he said.
In 2018, Thailand was the biggest source of automobiles for Vietnam, he added.
Vietnam’s exports to these markets include mobile phones and components, computers, electronic products and components, iron and steel, machinery and equipment, vehicles and spare parts, garment and textile products, crude oil, and gasoline.
As of last year, Thailand was the ninth largest investor in Vietnam out of 130 countries and territories with 10.5 billion USD in 528 projects.
Laos ranked 52nd with 70 million USD, Cambodia was 56th with over 64 million USD and Myanmar, 99th with one project worth 800,000 USD.
Vietnamese companies have invested in all these countries, including nearly 26 million USD in Thailand.
They have invested over 3 billion USD in Cambodia to make the country among the five largest foreign investors in there.
Vietnam was the seventh largest foreign investor in Myanmar with nearly 2 billion USD in 70 projects.
Investment and trade ties between Vietnam and these countries remain short of their potential and they are making efforts to set this right.
Vietnam and Thailand for instance have set a target of increasing their trade to 20 billion USD by 2020, while Vietnam and Laos target 10 percent growth in trade this year.
To provide local companies seeking to expand operations in Southeast Asia with more information about these markets, VCCI in collaboration with Tilleke & Gibbins, a leading Southeast Asian law firm, held the first Southeast Asia Outbound Investment Forum.
Related News
Enterprises have the right to pre-determine HS codes
09:55 | 06/04/2023 Regulations
Exports face many difficulties
13:29 | 04/04/2023 Import-Export
Ensure policies to attract investment when implementing global minimum tax
10:33 | 02/04/2023 Finance
Latest News
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
More News
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export
HCM City’s industrial production index down 0.9% in Q1
14:47 | 04/04/2023 Import-Export
Fisheries exports estimated at 1.85 billion USD in Q1
14:45 | 04/04/2023 Import-Export
Quang Ninh aims to attract quality FDI inflows
14:43 | 04/04/2023 Import-Export
Manufacturing enterprises increase their competitiveness thanks to digital transformation
13:28 | 04/04/2023 Import-Export
32nd Việt Nam Expo promises to boost business linkages
14:19 | 03/04/2023 Import-Export
Prevention of price risks before news that Indonesia increases rice imports in reserve
09:52 | 03/04/2023 Import-Export
Japanese investors highly appreciate Vietnamese property market
17:41 | 02/04/2023 Import-Export
Seafood enterprises propose to remove obstacles from exporting to the EU
10:34 | 02/04/2023 Import-Export
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export