Vietnam, Thailand target $50bn in trade while boosting all-round cooperation

The agreement was reached during talks in Hanoi on Monday between Vietnamese Prime Minister Le Minh Hung and visiting Thai Prime Minister Anutin Charnvirakul, following an official welcome ceremony at the Government Office, according to the Vietnamese Ministry of Foreign Affairs.

PM Charnvirakul said he was pleased to make his first official visit to Vietnam, particularly as the two countries are celebrating the 50th anniversary of diplomatic relations.

He asserted Thailand’s commitment to expanding substantive cooperation with Vietnam across all fields.

The Thai leader also expressed hope that both sides would effectively implement the outcomes of Party General Secretary and State President To Lam’s visit to Thailand in late May, including an action plan for the comprehensive strategic partnership for the 2026–31 period.

Both prime ministers noted the strong and positive development of Vietnam–Thailand relations, describing bilateral ties as being at their strongest stage to date, underpinned by political trust, dynamic economic cooperation, and increasingly close people-to-people exchanges.

In economic cooperation, the two leaders agreed to implement the ‘Three Connections’ strategy, focusing on transport, logistics, aviation, and tourism connectivity, while also studying the development of road and coastal shipping routes linking the two countries and the wider Mekong subregion.

On trade, both sides agreed to reduce barriers and improve market access for goods from each country.

They set a target of two-way trade reaching $25 billion in the near term and $50 billion thereafter, in a more balanced and sustainable manner.

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

Trade grew strongly 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.

The two sides also agreed to expand cooperation in agriculture and food security, as well as in emerging areas such as science and technology, artificial intelligence, digital transformation, the digital economy, green growth, energy transition, and innovation.

They pledged to strengthen political trust through regular high-level and multi-level exchanges.

In defense and security, the two leaders agreed to enhance cooperation, including joint maritime patrols and coordination in combating transnational crime.

They vowed not to allow any individual or organization to use the territory of either country against the other.

PM Hung said Vietnam welcomes and encourages foreign investors, including those from Thailand, to invest and do business in the country.

In response, PM Charnvirakul praised Vietnam’s investment climate, thanked the government, and expressed hope for continued support in addressing challenges faced by Thai businesses operating in Vietnam.

He also said Thailand would encourage its companies to expand investment in areas aligned with Vietnam’s development priorities, and welcomed Vietnamese firms to invest in Thailand.

He added that both sides should strengthen business ties and supply chain linkages.

Both sides agreed to enhance people-to-people exchanges, cultural cooperation, tourism, and sister-city partnerships.

The Thai leader praised bilateral cooperation in the red-crowned crane conservation project at Tram Chim National Park in Vietnam’s Dong Thap Province, saying Thailand stands ready to transfer its red-crowned cranes to Vietnam to support biodiversity conservation and sustainable development.

On regional and international issues, both prime ministers agreed to continue close coordination within ASEAN and other multilateral frameworks.

PM Hung praised Thailand’s role in promoting cooperation under the Ayeyawady–Chao Phraya–Mekong Economic Cooperation Strategy and other subregional mechanisms.

He called for stronger coordination in mobilizing resources and enhancing connectivity in infrastructure, trade and investment, as well as cooperation in water resource management, climate change response, digital transformation, green transition, and innovation.

PM Charnvirakul agreed to Vietnam’s proposals and reaffirmed Thailand’s commitment to working closely to improve the effectiveness of subregional cooperation mechanisms, contributing to sustainable development and shared prosperity in the Mekong region.

He invited PM Hung to pay an official visit to Thailand, and the Vietnamese leader accepted the invitation, saying he would arrange the visit at a suitable time.