Vietnam and Thailand strengthen partnership to enhance trade, lessen dependence on China
Vietnam and Thailand Elevate Diplomatic Ties to Comprehensive Strategic Partnership
Following a recent meeting between Vietnamese Prime Minister Pham Minh Chinh and his Thai counterpart, Prayut Chan-o-cha, the two nations have upgraded their diplomatic relationship to a Comprehensive Strategic Partnership. This significant move signifies a deepening of economic collaboration and a shift away from relying on external powers.
In a joint statement, the leaders agreed to work towards increasing bilateral trade to $25 billion by 2030, with a focus on sectors such as clean energy, digital economy, and high-tech agriculture. This ambitious goal represents a shared commitment to more robust and balanced trade ties.
The Thai government spokesman, Jirayu Houngsub, added that the enhanced partnership would also bolster cooperation on political and security issues, particularly in combating transnational crime and drug trafficking.
Both nations are prioritizing clean energy and sustainable development, with initiatives that include collaboration on green and clean energy projects, support for green and high-tech industries, and the implementation of the "Three-Connections Strategy" to link supply chains and local economies. The digital economy is another area of focus, with efforts towards advancing cooperation in cross-border digital payments, tech innovation, digital transformation, and infrastructure development.
High-tech agriculture is also a key priority, with both countries investing in modern farming practices, agricultural technology innovation, and encouraging favorable conditions for businesses to access each other’s markets. These efforts are aimed at boosting competitiveness in regional and global markets.
Vietnam’s approach to this partnership is part of a broader strategy to diversify international relations and strengthen regional economic integration. By focusing on clean energy, digital economy, and hi-tech agriculture, both nations aim to achieve sustainable development and reduced environmental impact, while also fostering economic resilience in the face of global uncertainties.
- This enhancement of Vietnam and Thailand's partnership expects trade to reach $25 billion by 2030, with an emphasis on areas like clean energy, digital economy, and high-tech agriculture, showcasing a joint commitment to balanced trade ties and sustainable development.
- Beyond trade, political and security issues will also receive attention under this Comprehensive Strategic Partnership, particularly in the realm of collaborating to combat transnational crime and drug trafficking.
- Both nations are striving to boost their regional and global competitiveness through shared initiatives in the digital economy, such as advancing cooperation in cross-border digital payments, tech innovation, digital transformation, and infrastructure development.
