Vietnam-Thailand to Boost Bilateral Trade
Bilateral trade to grow at 20 percent annually
Dec. 4 – Vietnam and Thailand, both members of ASEAN, have agreed to boost bilateral trade and improve political and economic links, according to news reports issued by both countries.
The two nations have long maintained strong strategic and diplomatic relations, however the new agreements provide better institutional ties between the two and is expected to boost trade by about US$18 billion by 2015, an average increase of 20 percent per year over the next three years. A Thai-Vietnamese Business Council will also be established to oversee bilateral trade issues.
Vietnam and Thailand are also among the world’s top producers of rice, a global diet staple, and increased cooperation between them in monitoring the crop will help stabilize prices, quality output, and global food security.
ASEAN is preparing itself for major advancements in its development, as the region is expected to dramatically increase intra-Asian trade flows. Vietnam is also experiencing increasing foreign investment interest as a manufacturing destination to add capacity for products destined for both China and other global markets.
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