Vietnam and Thailand have agreed to strive for a bilateral turnover of US$20 billion by 2020 during the official visit of Vietnamese Prime Minister Nguyen Xuan Phuc.

PM Phuc joined talks with his Thai counterpart Prayuth Chan-ocha on Thursday evening, as part of the former’s trip to Thailand from August 17 to 19.

During their conversation, the two leaders expressed their delight at the positive developments in the two nations’ multi-faceted corporation since the establishment of the Vietnam- Thailand strategic partnership in 2013.  

Regarding economic relation, both sides vowed to raise bilateral trade to $20 billion by 2020 and help each other become centers for investment and trade in the region. 

PM Chan-o-cha promised to further encourage Thai businesses to increase investment into Vietnam in such fields as tourism, support industries, finance, banking, science and technology, and agro-fisheries.

The two heads of governments stressed the importance of security and defense cooperation, agreeing to boost the sharing of defense-related viewpoints and policies while strengthening collaboration between their defense arms and services.

They consented on enhancing coordination in combating terrorism and crimes, dealing with sea-related issues, and promoting negotiations of agreements on extradition and mutual assistance in criminal matters.

Both parties agreed on reinforcing cooperation and sharing experience in the prevention of illegal, unreported and unregulated fishing.

The two leaders also discussed several international and regional issues, pledging to foster bilateral cooperation at international forums.

PM Chan-o-cha took the occasion to confirm his attendance at the Asia-Pacific Economic Cooperation (APEC) meeting in the central Vietnamese city of Da Nang in November, adding that his country supports Vietnam’s initiatives within the APEC framework.  

Both premiers reiterated the significance of maintaining peace, security, stability, and navigation safety and freedom in the East Vietnam Sea.

Relevant parties should improve mutual trust and resolve disputes using peaceful means in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS) and the Declaration on the Conduct of Parties in the East Vietnam Sea (DOC), the leaders said.

They reaffirmed their support for ASEAN and China to soon establish a Code of Conduct (COC) for the maritime area.

Following the talk, the two prime ministers witnessed the signing of important documents between two countries’ governments, localities, and businesses.

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