Vietnam and Thailand have set a goal to increase bilateral trade to US$20 billion by 2020, a Vietnamese official said at a ceremony to mark the 40th anniversary of the establishment of diplomatic relations between the two countries on Tuesday.
The ceremony was held by the administration in the southern province of Dong Nai, where Thailand runs many projects, including the Amata Industrial Park.
The two countries have made important achievements in virtually all areas during 40 years of relations, with Thailand having become Vietnam’s number-one trade partner among Southeast Asian nations, Tran Van Vinh, the province’s deputy chairman, said.
Trade between Vietnam and Thailand grows at an annual rate of 10 to 13 percent, according to the official.
Last year bilateral trade grew 10 percent year on year to $13 billion, with the two countries now targeting $20 billion in trade by 2020, Vinh said.
Thailand is also the 11th largest investor in Vietnam with over 400 projects totaling $7.88 billion as of the first quarter of 2016.
In Dong Nai, Thailand is the fifth largest investor among 44 countries and territories, having invested close to $1.4 billion in 37 projects.
At the ceremony, Ureerat Ratanpruksee, Consul General of Thailand in Ho Chi Minh City, expressed her belief that the goal of $20 billion in trade is achievable, given efforts from both countries.
She also maintained that Thailand is always willing to cooperate with Dong Nai in all areas.