Vietnam is intensifying its trade relations with Thailand by honing in on the distinct tastes and standards of Thai consumers, as stated by the Ministry of Industry and Trade (MoIT). As part of this effort, Vietnamese enterprises are encouraged to delve deeper into Thai market standards and consumer behavior to boost their exports.
This strategic initiative includes an emphasis on adopting cutting-edge technologies for processing and preserving products, ensuring quality during transit. This approach is particularly relevant given Thailand’s growing preference for green, organic, and environmentally sustainable products, especially within the food and consumer goods sectors.
Since establishing diplomatic relations in 1976 and upgrading to an enhanced strategic partnership in 2015, Vietnam and Thailand have experienced substantial growth in economic cooperation. They stand as prominent trading partners within the Association of Southeast Asian Nations (ASEAN), with bilateral trade surging from $10.5 billion in 2013 to nearly $19 billion in 2023, reaching a record $21.6 billion in 2022.
To elevate bilateral trade above the $25 billion threshold, the MoIT has actively engaged in fortifying economic and trade relations with Thailand. This engagement includes strategic dialogues with Thai authorities to refine and update collaborative efforts in trade, industry, and energy sectors.
At the 4th Joint Trade Committee meeting held in Bangkok in 2022, Vietnam and Thailand drafted detailed plans and action programs to bolster their cooperative endeavors. These initiatives aim to minimize unnecessary trade barriers and create effective information exchange channels for trade defense, alongside coordinating trade promotion activities in both countries.
The MoIT also suggests that Thai retail giants could serve as pivotal links for distributing Vietnamese goods within Thailand and across other markets influenced by Thai distribution networks.
By providing Vietnamese enterprises with extensive support in market research, forecasting, and access to vital market information, the MoIT ensures that these businesses are well-equipped to navigate and succeed in the Thai market. These comprehensive efforts are designed to not only expand trade volumes but also to foster a more equitable and mutually advantageous economic relationship between Vietnam and Thailand.
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