Prime Minister Paetongtarn: Thailand and Vietnam are key drivers of ASEAN economic growth

(Chinhphu.vn) - On the afternoon of May 16, in Hanoi, Prime Minister Pham Minh Chinh and Thai Prime Minister Paetongtarn Shinawatra co-chaired the Vietnam - Thailand Business Forum with the theme "One plus one on three connections".

Prime Minister Pham Minh Chinh and Thai Prime Minister Paetongtarn Shinawatra co-chaired the Vietnam - Thailand Business Forum - Photo: VGP/Nhat Bac

Also attending were leaders of ministries, branches, localities, and hundreds of business delegates from the two countries.

The Vietnam - Thailand Business Forum 2025 is an important event contributing to concretizing the commitment of the two countries' senior leaders in strengthening the Comprehensive Strategic Partnership, promoting the pillar of Partnership for sustainable development, especially in the fields of economics , trade and investment.

At the forum, delegates were introduced to the potential and investment and business environment of Vietnam and Thailand; and heard about the investment and business capabilities and plans of enterprises of the two countries.

According to delegates, Vietnam's investment and business environment has been constantly improved, positively evaluated by the international community and investors; many foreign investors have chosen Vietnam as a strategic production center, connecting with global supply chains. In the first 4 months of 2025, realized FDI capital reached over 6.7 billion USD, the highest in the 2020-2025 period, showing that Vietnam continues to be an attractive destination for international investors.

The Prime Minister highly appreciated and sincerely thanked Thai businesses for their practical and effective contributions to Vietnam's development and the friendly relations between the two countries - Photo: VGP/Nhat Bac

Delegates said that, through historical ups and downs and the efforts of both countries to cultivate and build, especially since the establishment of the Enhanced Strategic Partnership in 2015, the bilateral relationship between the two countries has achieved many proud achievements, becoming a model for regional cooperation, in which economic-trade-investment cooperation continues to be a pillar and a prominent highlight.

Thailand is currently Vietnam's largest trading partner in ASEAN, with two-way trade turnover in 2024 reaching over 20 billion USD, up 6.4% compared to 2023. Thai investors have invested in 767 projects in Vietnam with a total registered capital of nearly 15 billion USD, ranking 9th out of 150 countries and territories. In contrast, Vietnam has also invested in 22 projects in Thailand with a total capital of nearly 35 million USD.

Besides the positive results achieved, delegates said that the room and potential for economic-trade-investment cooperation between Vietnam and Thailand is still very large for further development.

The two countries have set an ambitious goal of bringing two-way trade turnover to 25 billion USD soon in a more balanced direction, through actively implementing the Three Connectivity Strategy, including supply chain connectivity (strengthening links between Vietnamese and Thai enterprises, especially in strategic areas such as digital economy, green economy and energy transition); transport infrastructure connectivity (promoting cooperation in road, rail and air transport, contributing to the development of the East-West economic corridor and the Southern economic corridor); economic and cultural connectivity (promoting people-to-people exchanges, tourism, education and culture, creating a bridge of sustainable friendship between the two nations).

To improve the quality and effectiveness of cooperation between the business communities of the two countries, delegates proposed that Thai businesses, with their experience, resources and reputation, will support Vietnam in accessing investment sources, green and sustainable financial sources and investment sources for science, technology and innovation; Thai investors continue to support and create conditions for Vietnamese businesses to participate more deeply and substantially in global supply chains.

With the policy of cooperation and selective foreign investment attraction, aiming at quality, efficiency, technology and environmental protection, Vietnam prioritizes attracting investment projects in sectors and fields such as: Green economy, digital economy, circular economy, knowledge economy; science and technology, innovation; new energy, renewable energy; financial center, green finance; agriculture, high-tech industry; trade, tourism ... These are the fields in which Thai investors have experience and strengths.

Thai Prime Minister Paetongtarn Shinawatra assessed that Thailand and Vietnam are the largest economies in the Greater Mekong Subregion and are also the main driving forces promoting ASEAN's economic growth - Photo: VGP/Nhat Bac

Delegates also proposed to strengthen research cooperation in the industrial sector, consolidate supply chains, develop supporting industries, and build a highly skilled workforce for the benefit of both sides in a diverse, transparent, and sustainable manner. Along with that, expand cooperation in new areas such as digital economy, green economy, circular economy, and energy transition. Vietnam, with the goal of achieving net zero emissions by 2050, wishes to learn from Thailand's experience and cooperate with Thailand in developing renewable energy and green technology.

Aiming for trade turnover of 25 billion USD in the shortest time

Speaking at the Forum, Thai Prime Minister Paetongtarn Shinawatra said that the two sides need to cooperate more to cope with the unstable global economic and political situation; the two countries' recent establishment of a Comprehensive Strategic Partnership has marked a new era in the relationship, focusing on promoting the economic value chain, making the most of the strength, potential and advantages of each side.

The Prime Minister assessed that Thailand and Vietnam are the largest economies in the Greater Mekong Subregion and are also the main driving forces promoting ASEAN's economic growth.

In terms of trade, Vietnam is Thailand's 6th largest trading partner in the world and the 2nd largest in ASEAN. Thailand is Vietnam's 7th largest trading partner in the world and the largest in ASEAN.

Last year, trade turnover between the two countries reached 21 billion USD. "And we want to achieve the bilateral trade target of 25 billion USD in the shortest time," the Thai Prime Minister shared.

In terms of investment, Thailand is the 9th largest foreign investor in Vietnam with a total investment value of more than 14 billion USD. At the same time, Vietnamese private enterprises are also increasingly expanding their investment in Thailand.

Prime Minister Pham Minh Chinh and Thai Prime Minister Paetongtarn Shinawatra witnessed Vietjet and Boeing sign a cooperation agreement with Vietjet Thailand on the transfer of 50 Boeing 737 aircraft in Thailand, on promoting digital transformation in the financial and retail sectors, and on the development of Dong Nai Industrial Park - Photo: VGP/Nhat Bac

The Prime Minister assessed that the economies of Thailand and Vietnam are closely linked and many businesses participate in the same value chain, with more than 50% of Thailand-Vietnam trade being imports and exports of raw materials and components supporting manufacturing industries serving both domestic consumption and export. Therefore, the economic growth of one country is an opportunity for the other.

"The two governments have agreed to promote economic cooperation under the Triple Connectivity strategy, which is the main theme of today's Business Forum, to promote the economies of both countries to grow together," said Prime Minister Paetongtarn Shinawatra.

The Thai prime minister stressed the need to connect supply chains in mutually beneficial industries such as petrochemicals, food and electronic components and logistics, including developing human resources in future industries such as AI and semiconductors.

Regarding local economic connectivity, she highlighted the Northeast region of Thailand with the Central and Southern regions of Vietnam. Through the cooperation of more than 20 partner cities, it will expand opportunities for local entrepreneurs in trade, investment and tourism.

Prime Minister Paetongtarn Shinawatra also expressed his delight at the future opening of air routes between Vietnam and the northeastern provinces of Thailand. This will be the first international flight from an airport in northeastern Thailand and will boost people-to-people exchanges and tourism between the two countries.

Regarding sustainable development connectivity, the Prime Minister said Thailand and Vietnam will promote cooperation in renewable energy and digital economic transformation.

Prime Minister Paetongtarn Shinawatra emphasized that the comprehensive strategic partnership between Thailand and Vietnam is not only limited to between the governments but also includes partnerships between the private sectors of the two countries.

The private sectors of the two countries are the most important partners in promoting concrete cooperation and meeting the needs of both sides, bringing the Comprehensive Strategic Partnership between the two countries forward in a practical direction.

Prime Minister Pham Minh Chinh and Thai Prime Minister Paetongtarn Shinawatra with businesses of the two countries - Photo: VGP/Nhat Bac

Prime Minister Pham Minh Chinh: Sending trust to businesses of the two countries

Speaking at the Forum, Prime Minister Pham Minh Chinh first expressed his confidence in the business communities of the two countries. According to him, the traditional relationship between the two countries has existed for a long time; in particular, President Ho Chi Minh spent many years working in Thailand, and many relics related to President Ho Chi Minh are still preserved in Thailand.

According to the Prime Minister, many important milestones in the relationship between the two countries are associated with the Shinawatra family: Thailand is the only country that has a joint Cabinet meeting mechanism with Vietnam, proposed by Thai Prime Minister Thaksin Shinawatra in 2004; is one of the first countries in ASEAN to establish a Strategic Partnership with Vietnam in 2013, under Thai Prime Minister Yingluck Shinawatra; and now the two countries have upgraded their relationship to a Comprehensive Strategic Partnership during the visit of Prime Minister Paetongtarn Shinawatra.

The Head of the Vietnamese Government emphasized the important contents of the newly established Comprehensive Strategic Partnership between the two countries: Sustainable stability, sustainable development, sustainable future; unlimited cooperation for the goals of peace, cooperation, development, for the independence and freedom of the two countries, for the happiness and prosperity of the people.

The Prime Minister said that in the current context, with complex, unpredictable developments and many problems that no country can solve alone, Vietnam, Thailand and ASEAN countries must strengthen solidarity, unity in diversity, and enhance cooperation.

"The two countries have cooperated well, they must cooperate better, more effectively, and bring more practical results," said the Prime Minister.

The Prime Minister said that in the recent past, in a context full of difficulties and challenges, Vietnam has still promoted high economic growth; the macro economy has been stable, inflation has been controlled, and major balances have been ensured. Politics and society have been stable; national defense and security have been consolidated and enhanced; foreign affairs and international integration have been promoted. Culture and society have been given attention, and social security has been ensured. Many prestigious international organizations and experts continue to highly appreciate the results and prospects of the Vietnamese economy.

Businesses attending the Vietnam - Thailand Business Forum 2025 - Photo: VGP/Nhat Bac

2025 is the year Vietnam will "accelerate, break through, and reach the finish line" to successfully complete socio-economic development goals, entering a new era - the era of national growth, prosperity, civilization, and prosperity. In that spirit, Vietnam sets a GDP growth target of at least 8% in 2025 and strives to achieve double-digit growth in the 2026-2030 period.

Vietnam is determined to successfully carry out the revolution of streamlining the organizational apparatus, focusing on removing bottlenecks and bottlenecks in institutions, human resources and infrastructure, creating a favorable environment for production, investment and business, creating breakthroughs in science and technology development, innovation and national digital transformation; developing the private economy as the most important driving force of the national economy; promoting international integration in the new context; and innovating more strongly in law making and enforcement.

In particular, to continue efforts to further improve the investment and business environment in the coming time, Vietnam is focusing on drastically and synchronously implementing many groups of solutions in the spirit of "3 commons": "open institutions, smooth infrastructure, smart governance". Currently, the Vietnamese National Assembly is preparing to issue two very important Resolutions on law-making, law enforcement and private economic development to implement the Resolutions of the Politburo.

At the same time, reorganize administrative units in the direction of eliminating unnecessary intermediate levels, ensuring the smooth operation of the apparatus; perfect regulations on apparatus organization, promote decentralization and delegation of power in the direction of streamlining, compactness, strength, efficiency, effectiveness and efficiency; strongly shift from passive to proactive state of serving people and businesses. Continue to promote the reduction and simplification of administrative procedures and business regulations for enterprises and foreign investors.

At the same time, promote seamless infrastructure connectivity between provinces and regions, national and international connections in a synchronous and modern direction, including expressway systems, high-speed railways, airports, seaports, etc.; energy infrastructure; synchronous and modern digital infrastructure. Promote human resource training, especially high-quality human resources, and innovate smart management thinking.

On behalf of the Vietnamese Government, the Prime Minister highly appreciated and sincerely thanked Thai enterprises for their practical and effective contributions to the development of Vietnam and the friendly relations between the two countries. The Vietnamese side is continuing to actively resolve difficulties and problems of Thai enterprises related to taxes, electricity, digital payments, administrative procedures, and capital sources.

The Prime Minister asked Thai businesses to continue to trust and stick with Vietnam in the development process; with the spirit of "saying is doing, committing is doing; valuing time, intelligence and timely decisiveness", constantly contributing to the prosperous development of the two countries as well as the Vietnam - Thailand Comprehensive Strategic Partnership.

The Prime Minister stated that the Vietnamese Government ensures the legitimate and legal rights and interests of investors; ensures political stability, social order and safety, institutions, mechanisms and policies to attract investment; promotes "3 together" including: Listening and understanding between enterprises, the State and the people; sharing vision and action to cooperate and support each other for rapid and sustainable development; working together, winning together, developing together; sharing joy, happiness and pride.

Also at the Forum, businesses from the two countries exchanged cooperation documents, in which FPT Corporation and Sunline agreed to promote digital transformation in Thailand's financial and retail sectors, focusing on core banking solutions, digital banking and digital lending.

Previously, FPT also signed a cooperation agreement with Buzzebees - the leading platform for customer experience management - to jointly develop comprehensive digital solutions in the fields of fast-moving consumer goods, retail, finance and telecommunications.

On this occasion, Vietjet and Boeing signed a cooperation agreement with Vietjet Thailand on the transfer of 50 Boeing 737 aircraft in Thailand, contributing to the development of tourism economy connecting Thailand and Vietnam as well as other countries in the region; Vietnam Rubber Group and Amata Group signed a memorandum of understanding on the development of Dong Nai Industrial Park.

Ha Van

Source: https://baochinhphu.vn/thu-tuong-paetongtarn-thai-lan-va-viet-nam-la-nhung-dong-luc-chinh-thuc-day-tang-truong-kinh-te-asean-102250516165755599.htm