Vietnam, Thailand target $25bn in two-way trade as ties expand across sectors

The agreement was reached during talks in Bangkok on Thursday between Vietnamese Party General Secretary and State President To Lam and Thai Prime Minister Anutin Charnvirakul, as part of the Vietnamese leader’s official visit to Thailand from Wednesday to Friday.

The visit, made at the invitation of Prime Minister Anutin, was an important milestone as the two countries celebrate the 50th anniversary of diplomatic relations.

The Thai prime minister said the visit carries special significance, reflecting the high level of political trust between the two countries.

He also described Vietnam as one of Thailand’s most important partners in the region and highlighted the two countries’ shared potential to emerge as major global production hubs.

The Vietnamese leader said that despite growing geopolitical and economic uncertainties worldwide, Vietnam and Thailand have maintained stability and sustained development, further reinforcing their increasingly important roles in the region and the world.

The two sides praised the strong progress in bilateral relations in recent years and reaffirmed their commitment to further deepening the comprehensive strategic partnership established between the two countries in 2025.

They agreed to work toward raising bilateral trade to $25 billion at an early date in a more balanced and sustainable manner.

Their bilateral trade reached nearly $22.1 billion last year, up about nine percent year on year and 2.5 times higher than in 2013, when the two countries established their strategic partnership.

Trade growth remained strong in 2026, with two-way trade totaling $8.6 billion in the first four months of the year, up 23.9 percent from a year earlier.

Both sides also agreed to accelerate market access procedures for selected agricultural products from each country.

The Thai prime minister expressed support for expanding private-sector cooperation and welcomed greater Vietnamese investment in Thailand.

On political and diplomatic ties, both sides agreed to maintain high-level exchanges across all channels and enhance the effectiveness of existing bilateral mechanisms.

They also agreed to hold the fifth Vietnam–Thailand Joint Cabinet Meeting in Thailand and to convene an early meeting of the joint commission between the two foreign ministries.

In defense and security ties, both sides were committed to strengthening coordination in combating transnational crime, cybercrime and drug trafficking, while enhancing cooperation in maritime security.

The Vietnamese leader urged both sides to continue upholding and implementing commitments made by senior leaders that neither country would allow any individual or organization to use its territory for activities against the other.

He also called for early negotiations and the signing of extradition and mutual legal assistance treaties in criminal matters.

The Thai prime minister reaffirmed that Thailand would not allow its territory to be used against friendly countries.

The Vietnamese leader proposed the early establishment of a joint working group to implement the ‘Three Connections’ strategy, which covers supply chain connectivity, business and local connectivity, and the alignment of sustainable development strategies between the two countries.

He also called for stronger transport and logistics connectivity, along with expanded cooperation in artificial intelligence (AI), digital transformation, digital economy, green economy, innovation, and a just energy transition.

Agreeing on the need to strengthen collaboration in science and technology, particularly in AI and semiconductors, the Thai prime minister suggested exploring joint projects in biotechnology and microbiology.

He also said Thailand is ready to share its experience with Vietnam in space technology applications and satellite utilization.

The two leaders agreed to further promote cooperation in culture, tourism, local-level engagement, and people-to-people exchanges.

At the conclusion of the talks, both leaders instructed relevant ministries and agencies to promptly implement the outcomes of the visit.

The two leaders also witnessed the signing of cooperation documents in science, technology and education, as well as the action program to implement the comprehensive strategic partnership for the 2026–31 period.