Vietnam and Thailand have pledged to increase their two-way trade to US$15 billion by 2020, as part of the outcomes of the second meeting of the Vietnam-Thailand Joint Committee on bilateral cooperation held in Hanoi on Friday.

>> Vietnam surpasses Malaysia, Thailand to become ASEAN’s biggest exporter to US The event was co-chaired by Vietnam’s Deputy Prime Minister Pham Binh Minh and his Thai counterpart Thanasak Patimapragorn, according to the Vietnam News Agency. The meeting reviewed performance in cooperation between the two countries in trade, investment and other fields. Vietnam-Thailand two-way trade reached US$10.6 billion last year, up 12.5 percent from 2013. Regarding investment, Thailand now ranks 10th among 101 countries and territories investing in Vietnam, with 374 projects worth a total $6.69 billion as of March 2015. During the meeting, both sides also agreed to enhance investment cooperation by working closely in implementing large-scale Thai projects in Vietnam, with a view to increase Thailand’s investment in Vietnam by five times from the present  level. Regarding the defense-security partnership, both sides will step up the organizing of the seventh meeting of the political-security joint working group in Thailand soon, while speeding up negotiations for extradition deals.

The two countries agreed to hold discussions on the opening of a cross-border bus route between Vietnam and Thailand and promote coastal marine transport collaboration among Thailand, Cambodia and Vietnam. The meeting agreed that agreements related to the above deals will be inked this June. The two nations will also promote labor cooperation by working together for a memorandum of understanding on labor cooperation and a recruitment deal. Both countries also pledged to strengthen agro-forestry and fishery coordination, while joining hands in dealing with issues related to fishermen and fishing vessels with a humanitarian and friendship spirit. In addition, the two sides reached consensus on boosting cooperation in culture, tourism, education, training, science and technology and environment protection. Regarding the East Vietnam Sea issue, both sides laid emphasis on the need to settle disputes through peaceful measures based on international law, including the 1982 United Nations Convention on the Law of the Sea. They also stressed the importance of strict implementation of the Declaration on the Conduct of Parties in the East Vietnam Sea.

Thailand, as the coordinator for ASEAN-China relations, will actively work with relevant parties to push for substantive consultations for a Code of Conduct in the East Sea (COC), the Thai Deputy PM vowed. The two sides also pledged to closely coordinate together and with other ASEAN members for the building of an ASEAN Community in 2015.

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