In an exciting move towards reinforcing economic camaraderie, Thailand and Vietnam have made a joint declaration to amplify their economic relations with an ambitious vision of reaching a staggering US$25 billion (833 billion baht) in bilateral trade annually. This announcement was brought to light by Thailand’s dynamic Prime Minister, Paetongtarn Shinawatra, during a high-profile media briefing that followed the 4th Thailand–Vietnam Joint Cabinet Retreat (JCR). The retreat was co-chaired by Vietnamese Prime Minister Pham Minh Chinh and marked Paetongtarn’s official two-day visit which concluded just yesterday, May 16th. Notably, this gathering was a nostalgic nod to history, being the first of its kind in two decades since its first chapter during the leadership of Thaksin Shinawatra, Paetongtarn’s father.
Government spokesman Jirayu Houngsub shared insights on the fruitful sessions of the JCR, where both nations took the opportunity to assess the progress of their bilateral cooperation while charting a future teeming with possibilities. The agenda focused on crucial areas such as security, trade and investment, tourism, connectivity, sustainable development, and people-to-people relations, promising a comprehensive blueprint for collaboration. The Bangkok Post provided a snapshot of the event, adding a visual dimension to the strategic discussions.
With the clock ticking towards the 2030 target, the 38-year-old Thai Prime Minister, a visionary in her own right, unveiled the Three Connects plan. This ambitious framework aims to weave tighter economic threads in supply chains, bolster the local economy, and venture into the promising vistas of the green economy. Vietnam, ever motivated, hopes to hit this $25 billion trade goal with its neighbor in the not-too-distant future. The dynamic duo of Paetongtarn and Pham Minh Chinh also emphasized strengthening sectors like livestock and agriculture while improving logistical channels for Thai goods en route to China, courtesy of Vietnam’s geographical bridge.
In a gesture of diplomatic warmth, Paetongtarn expressed gratitude to Hanoi for fostering an investor-friendly environment for Thai enterprises. In reciprocity, she invited Vietnamese investors to explore the burgeoning Thai market. These friendly overtures are not just confined to the economy. In a bid to foment even stronger ties, plans are underway to establish direct flights between Thailand’s northeastern corridors and buzzing Vietnamese cities, giving tourism a spirited uptick. Land and water transport routes, threading through Laos and regions like Cambodia, promise an era of enhanced connectivity.
The numbers speak volumes — approximately a million Vietnamese revel in the cultural tapestry of Thailand annually, while half a million Thais are captivated by Vietnam’s mesmerizing destinations such as Hue, Danang, Dalat, and Sapa. The announcement of a comprehensive strategic partnership between the nations is a testament to their enduring resolve amidst global tumult. This partnership is a badge of honor, marking significant strides in regional diplomacy.
Upcoming high-level exchanges are a testament to this deepening friendship, with Vietnam eagerly awaited at the Mekong–Lancang Summit in Thailand later this year. This summit comes under a jubilant banner as both countries gear up to celebrate 50 fruitful years of diplomatic relations next year.
The dialogue on security was underscored with a promise to bolster cooperation against threats like drug trafficking, call center scams, online fraud, human trafficking, and illegal fishing. Paetongtarn emphasized a shared will to dismantle networks of illicit drug precursors and a robust intelligence-sharing mechanism to curb cross-border crime.
In an era that worships digital solutions, their focus on enhancing the digital economy and enabling cross-border QR payments will rewrite consumer conveniences. Users can delight in seamless experiences, paying for services simply by scanning QR codes with mobile banking apps, signaling a technological triumph.
The strategic powwow also witnessed the ceremonial signing of a plethora of cooperation documents spanning trade, anti-narcotics, banking, education, and aviation, underlining a shared commitment to growth. As reported by the Bangkok Post, these efforts fortify Thailand’s standing as Vietnam’s largest trading partner in ASEAN, a commendable milestone with bilateral trade racing past US$20 billion just last year.
This is a great step for both Thailand and Vietnam! Achieving $25 billion in trade would be a massive boost. But does anyone else worry this might favor large corporations over local businesses?
While it’s true big corporations may benefit, a thriving economy can create opportunities for everyone, including local businesses. It’s all about finding the right balance.
Balancing seems optimistic. History shows these deals often benefit the powerful more. Let’s hope local enterprises aren’t overshadowed.
Not just businesses, but the environment could suffer if they rush development for profit. They should emphasize sustainability more in their plans.
Direct flights between Thailand and Vietnam are exciting! Imagine the increase in tourism and cultural exchange. Plus, it’s a perfect excuse to travel more!
True, but frequent flights also mean more carbon emissions. Will these nations invest in greener aviation technology?
Exactly. Connectivity is great, but not at the planet’s expense. Hope they have plans for sustainable travel.
Also wonder how affordable these flights will be. Could be another way to boost local economies if done right.
I love that Paetongtarn is following in her father’s footsteps. It’s like a continuation of history in the making!
Nostalgia aside, we should be cautious. Political dynasties don’t always mean progress. Let’s wait and see her impact first.
Fair point, but having a leader with historical ties can provide a unique perspective. I’m hopeful she’ll bring positive change.
The focus on digital payments is smart. Cashless transactions make cross-border commerce easier and safer. These kinds of initiatives can help bridge economic gaps.
Definitely! But what about cybersecurity? Increasing digital transactions amplifies the risk of online fraud and data breaches.
Agreed. They need robust security frameworks. Hope they’ll address this as they ramp up digital economy efforts.
Very excited to see what’s next for Vietnam. Collaborations at this level with Thailand can mean big things for economic and social growth in our region.
With increasing Thai investment in Vietnam, will Vietnamese enterprises truly have equal access in Thailand? Investment reciprocity is key.
In theory, yes. But in practice, such ‘reciprocity’ can be complex. Often depends on the legal and economic climate each country offers.
Bridging through Laos and Cambodia sounds promising for regional connectivity, but these countries need infrastructure improvements first.
Trade deals sound lovely, but shouldn’t they prioritize human rights and fair labor practices alongside economic gains?
Exactly! Economic growth shouldn’t come at the cost of worker exploitation or human rights abuses. Governments need accountability.
Overall, this partnership can set a new standard for ASEAN countries. Let’s hope for more collaboration and mutual benefits throughout the region.
If they reach the $25 billion target by 2030, will this shift ASEAN’s economic landscape, making room for more regional powerhouses?
Drug trafficking and illegal operations are a serious challenge. I hope this pact will really enhance regional security.
The mention of the green economy is encouraging, but I need to see more concrete steps. Words alone won’t solve climate issues.
Exactly. Visionary leaders must back up claims with actionable policies. Otherwise, it’s just empty promises.
With all these changes, solo travel between these countries is looking more appealing. Safer infrastructure and improved logistics are what travelers dream of!