Outstanding trading partner
Thailand remains Vietnam's largest trading partner in ASEAN. Vietnam is Thailand's second-largest trading partner in ASEAN and the sixth-largest globally , after China, Japan, the US, the EU, and Malaysia.
In terms of investment, Thailand approved 37 new projects in 2022. Cumulatively, Thailand currently has 677 projects with a total investment capital of US$13.09 billion. 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 a bilateral trade target of US$25 billion by 2025 through the "Three Connections" strategy, which includes connecting supply chains; connecting basic economic sectors, especially connecting micro, small and medium-sized enterprises and local businesses; and finally, connecting the sustainable growth strategies of the two countries: Vietnam's national green growth strategy and Thailand's bio-circular-green (BCG) economic model.
According to Mr. Chu Duc Dung, Consul General of Vietnam in Khon Kaen, Kingdom of Thailand, the potential of Northeast Thailand is enormous; however, in reality, cooperation and development between Central Vietnam, Central Laos, and Northeast Thailand in trade, investment, and tourism is not commensurate. We need to work together to find solutions to overcome these challenges, aiming to facilitate the introduction, promotion, and distribution of products, expand import and export markets, and find partners to promote investment and trade between businesses in North Central 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, stated that Thailand is one of Vietnam's major import and export partners, with the total value of trade consistently ranking among the top 10 countries with the largest trade relations with Vietnam. In recent years, Thai businesses and overseas Vietnamese businesses have introduced many Vietnamese goods to the Thai market through both official and unofficial channels to Vietnamese consumers. Not only agricultural products, but also seafood, vegetables, cashews, coffee, pepper, and many fresh fruits from Vietnam are gaining popularity among Thai consumers, especially in the northeastern region of Thailand.
Opportunities for Vietnamese goods to penetrate the Thai market.
According to Mr. Chu Duc Dung, Consul General of Vietnam in Khon Kaen, Kingdom of Thailand, Vietnam has a significant advantage in exporting to Thailand due to the large Vietnamese diaspora living in the country. Many of them own supermarkets, distribution stores, and supply chains, creating favorable conditions for marketing Vietnamese agricultural products to Thai consumers.
"There are about 100,000 Vietnamese expatriates living here. Among them, many own supermarkets, distribution stores, and supply chains, which is a favorable condition for introducing Vietnamese goods to Thailand," Mr. Dung said.
Mr. Ho Van Lam stated that the potential and opportunities for connecting and selling goods from the six provinces of North Central Vietnam to the provinces of Northeast Thailand are enormous. Besides the favorable geographical location for Vietnamese businesses to transport goods through Laos to Northeast Thailand, this region also has the largest concentration of Vietnamese people in Thailand, with over 100,000. This can be considered a natural and strong support force for Vietnamese businesses entering the local market. Vietnamese businesses can also receive significant assistance from the community of nearly a thousand Vietnamese expatriate businesses, many of which are thriving and highly regarded by the local government and community.
"To support and facilitate Vietnamese businesses in introducing their products to the Thai market, the Association has established a Vietnamese Goods Exhibition Center at the VT-Namnueng Udon Thani Commercial Complex. This center aims to showcase and sell Vietnamese products, develop distribution channels for Vietnamese goods in Thailand, and introduce Vietnamese products to Thai consumers and overseas Vietnamese communities, further supporting the campaign encouraging Vietnamese people to prioritize using Vietnamese goods," Mr. Lam added.
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