Vietnam, Thailand agree to double bilateral trade by 2020

BANGKOK, July 22 (TNA) - Vietnam and Thailand plan to double the value of bilateral trade to 20 billion US dollars by 2020, while Hanoi has also agreed to cooperate with Thailand, Indonesia and Malaysia to stabilize rubber prices. Thai Commerce Minister General Chatchai Sarikulya told journalists that the 2nd meeting of the Vietnamese-Thai Joint Trade Committee, held in Bangkok on Wednesday and co-chaired by visiting Vietnamese Industry and Trade Minister Vu Huy Hoang and he, himself, agreed on the plan. General Chatchai said Vietnam and Thailand also agreed to facilitate bilateral trade and investment, especially through transport projects, and will work out their joint action plan on the agreed cooperation. Besides, both sides agreed to emphasize on cooperation, rather than competition, especially in farm products, like rice and rubber. The value of Vietnamese-Thai trade has been growing over the past five years, the amount of which reached about 12 billion US dollars last year. During the first five months of this year, the value of Vietnamese-Thai trade stood at about 5.11 billion US dollars, a 14.98 per cent year-on-year increase. In 2014, Vietnam was Thailand's fourth most important trading partner in the Association of Southeast Asian Nations (ASEAN) and the 11th in the world, with Thai exports to Vietnam estimated at 7.89 billion US dollars and Thai imports from Vietnam at 3.94 billion US dollars. According to the commerce minister, Thailand invests actively in Vietnam in tourism, services, restaurants, processed agricultural products, plastic and auto part industries. Meanwhile, Vietnam also agreed to join forces with Thailand, Indonesia and Malaysia to stabilize rubber prices. (TNA)