Vietnam highly appreciates the bilateral economic cooperation model with Thailand.

Photo caption — Ambassador Mai Phan Dung. Photo: Anh Tuan/VNA

Speaking at the meeting, Ambassador - Head of the Permanent Mission of Vietnam Mai Phan Dung congratulated Thailand on its remarkable economic and development achievements. Ambassador Mai Phan Dung highly appreciated the fact that Thailand is an upper-middle-income economy, among the largest economies in Asia, with a Gross Domestic Product (GDP) of nearly 526 billion USD and a trade/GDP ratio increasing from nearly 98% (2020) to about 137% (2024), reflecting the deep integration of the "Land of Golden Pagodas" into the global market. Statistics show that in 2024, Thailand will be among the top 10 commodity trading countries in Asia, and on a global scale, the country ranks 27th in exports and 23rd in imports. Thailand also showed resilience despite economic and trade fluctuations such as the COVID-19 pandemic, global disruptions or changes in trade policies of some economies, as goods exports reached about 300 billion USD, while imports reached nearly 308 billion USD.

In addition, foreign direct investment (FDI) plays an important role in the Thai economy. In 2024, Thailand received a total of more than 10 billion USD in foreign investment, equivalent to nearly 2% of GDP. FDI inflows into Thailand increased by about 20%, reaching nearly 353 billion USD in 2024, equivalent to 67% of GDP, focusing on the manufacturing and financial services sectors. Thailand's overseas investment activities are also noteworthy, with expansion to many countries, including Vietnam, focusing on the manufacturing, finance and insurance, as well as wholesale and retail sectors.

Regarding trade defense measures, it is worth noting that Thailand has applied anti-dumping measures on steel products and targeted exporters in the Asian region. Vietnam hopes that Thailand will ensure that the investigation and application of anti-dumping measures are conducted objectively, transparently, in full compliance with the WTO Anti-dumping Agreement and consider abolishing the application of anti-dumping measures, creating favorable conditions for exports from Vietnam.

At the multilateral level, Ambassador Mai Phan Dung acknowledged and appreciated Thailand’s strong support for the World Trade Organization (WTO) and the rules-based multilateral trading system. Thailand is an active member of the WTO, participating in many joint initiatives and contributing to predictability and stability, bringing real benefits to businesses and consumers globally.

Regarding regional and bilateral relations, based on the ASEAN platform, other existing FTA frameworks, such as RCEP, and FTAs within ASEAN and ASEAN+, bilateral cooperation in many areas, including trade, investment, promoting small and medium-sized enterprise cooperation, trade defense measures, etc., has been increasingly consolidated and become a model for the close relationship between the two countries. The bilateral trade relationship between Vietnam and Thailand is one of the most successful economic cooperation models in ASEAN.

Based on political trust and dynamic trade relations, both sides have demonstrated that regional cooperation is the key to shared prosperity. Vietnam looks forward to continuing to work more closely with Thailand to make the most of FTAs and other existing cooperation frameworks for the prosperity of businesses and people.

Before the meeting, in coordination with relevant agencies of the Ministry of Industry and Trade, the Vietnamese Permanent Mission in Geneva sent questions on reports reviewing relevant trade policies of Thailand. In addition, the Mission also actively coordinated with the Delegations of ASEAN countries to present a joint speech, in which it highly appreciated the role of Thailand in ASEAN as well as in the WTO.

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