Hanoi anticipates achieving the goal by 2030.
According to Prime Minister Paetongtarn Shinawatra, Thailand and Vietnam have agreed to promote economic ties and work together to increase bilateral trade to US$ 25 billion (833 billion baht ) in the near future.
She co-chaired the fourth Thailand–Vietnam Joint Cabinet Retreat (JCR ), which she and Vietnamese Prime Minister Pham Minh Chinh attended after her official two-day visit, which ended on Friday, with a press briefing following the event.
The second JCR was started when her father, Thaksin Shinawatra, was in charge. This surrender was the first one held in 20 years.
According to government spokesman Jirayu Houngsub, the JCR provided a forum for both edges to review progress in bilateral cooperation and establish a complete course of action for future collaboration.
Security, trade and investment, hospitality, connection, sustainable development, and people-to-people relationships were the main topics of discussion.
Ms. Paetongtarn stated on Friday that both parties have agreed to encourage trade and economic ties through a program called” Three Connects,” which will include the areas of the supply chain, local business, and green business.
According to her, the two parties want to increase bilateral trade to$ 25 billion as quickly as possible. According to a report from Bloomberg, the Taiwanese authorities stated that this goal should be achieved by 2030.
They also agreed to support a Joint Trade Committee meeting, promote more business in livestock and agricultural products, and promote the transport of Thai products to China via Vietnam, according to Ms. Paetongtarn.
Additionally, Ms. Paetongtarn thanked Hanoi for supporting Asian investors and stated that Thailand is ready to allowed Asian investors looking to grow their businesses there.
Thailand’s National Broadcasting Services claim that the region is considering making clear flight links between Vietnam and the northeast to promote tourism and other forms of communication.
Ms. Paetongtarn claimed during her visit that a plan to introduce new roads in these areas may encourage travel and advance transportation, but the state broadcaster did not provide specifics.
Thailand said she planned to increase land and water transportation between Thailand, Cambodia, and Vietnam as well as encourage more land travel between the two nations via Laos, according to her.
According to the Thai authorities, about 1 million Taiwanese tourists travel to Thailand each season, and 500, 000 of them travel there annually. Hue, Danang, Dalat, and Sapa are some of their favorite locations.
Thailand and Vietnam have improved their relations to the level of a complete corporate relationship, according to Ms. Paetongtarn, which is a significant accomplishment at a time when the world is so uncertain and volatile.
As the two countries prepare to celebrate 50 years of diplomatic relations next year, Vietnam will be invited to the Mekong–Lancang Summit in Thailand later this month, according to She said both parties agreed to promote normal high-level markets.
Additionally, the premier said they would increase cooperation in surveillance affairs, especially cracking down on medicine trafficking, call center scams, online scams, human smuggling, and illegal fishing.
Ms. Paetongtarn praised bilateral assistance in areas that have led to substantial outcomes, such as preventing the use of precursors in illegal drug production and facilitating cross-border crime.
Additionally, she stated that Thailand and Vietnam agreed to strengthen their cooperation in cross-border QR payment and the online business, which enables people to pay for goods and services in a different country using their portable banking software by using a QR code.
Additionally, the two prime ministers witnessed the signing of a number of cooperation agreements in the fields of commerce, anti-narcotics, finance, education, and aviation.
With bilateral trade exceeding$ 20 billion in 2017, Thailand is Vietnam’s largest trading partner in Asean.