Vietnam, Thailand to upgrade partnership to comprehensive strategic level

Thailand has agreed to upgrade its partnership with Vietnam to a comprehensive strategic level, Thai Prime Minister Srettha Thavisin said, while affirming he would visit Vietnam in 2024.

The PM made the statement at a Friday meeting with Vuong Dinh Hue, Chairman of Vietnam’s National Assembly, the country's highest-level legislative body, during the latter’s official visit to Thailand.

The two leaders also agreed to boost bilateral ties, targeting more balanced bilateral trade of $25 billion with fewer trade restrictions.

The two sides also agreed on solutions for the target, including establishing new supply chains, opening more flights, and boosting green economy and clean energy cooperation.

Also, as part of his activities in Thailand, the top Vietnamese legislator had meetings with leading Thai investors in Vietnam.

Meeting SCG president and CEO Roongrote Rangsiyopash, Hue highly rated SCG’s activities in Vietnam, especially Long Son Petrochemical complex. He proposed SCG research and apply green technology for the complex’s operations.

Vietnam has issued its national green growth strategy for 2021-2030, so the National Assembly chairman called on SCG to further help Vietnam meet these goals.

At a meeting with Charoen Pokphand Group (CP Group) executives, Hue urged the Thai conglomerate to expand investments in Vietnam, deploy and transfer modern technologies to Vietnamese partners, and add more Vietnamese products to its supply chain. CP now operates nearly 20 factories and 101 branches in Vietnam, exporting over 11,000 tons of fish feed, CP director Adirek Sripratak said.

For the meeting with Kasikornbank, Hue asked the lender collaborate with Vietnam in green economy and green growth, especially in making recommendations for Vietnam’s draft green finance legal framework. Vietnam’s National Assembly will soon approve the draft amended law on credit institutions to further facilitate banking activities, he added.

At his meeting with Central Retail, Hue suggested Thailand's top retailer to add more Vietnamese products to its global store chain and utilize more of Vietnam’s free trade agreements, such as the CPTPP and EVFTA. Vietnam is updating its legal framework to streamline administrative procedures to help businesses, he added.

Central Retail is planning an investment of $1 billion in Vietnam to double its scale in the country, with a focus on the Mekong Delta province of An Giang, said CEO Yol Phokasup.

Meeting Thailand’s top industrial real estate developer WHA Corporation Public Company Limited, Hue asked ministries and authorities in Thanh Hoa province to help WHA with the construction and deployment of Phu Quy Industrial Park.

The first phase of the project, covering 178 hectares, has an investment of VND1,200 billion ($49.5 million), said Jareeporn Jarukornsakul, chairman of the executive committee and group chief executive officer.