Bangkok: On the special occasion of the 50th anniversary of diplomatic relations between Thailand and Vietnam, the cooperation between the two countries is entering a period of renewed collaboration. Recently, a delegation of Thai government and private sector leaders visited Vietnam to strengthen relations and address trade obstacles. Mr. Sanan Angubolkul, Senior Chairman of the Thai Chamber of Commerce and the Board of Trade of Thailand and President of the Thai-Vietnam Friendship Association, sees this as an opportunity for Thailand to transition from being a competitor to a trading partner.
According to Thai News Agency, the "Three Connects" strategy, central to this initiative, aims to enhance trade value from 25 billion to 50 billion US dollars by linking three main areas. The strategy includes linking the supply chain by focusing on industries where each country has expertise, such as Thailand exporting automotive parts, chemicals, and energy to support production bases in Vietnam.
Additionally, the strategy focuses on linking local economies and SMEs by creating networks among small business owners, particularly in the digital sector, and promoting tourism. The third aspect involves linking sustainable growth strategies by aiming for Net Zero through clean energy and smart agriculture, addressing global trade standards.
Vietnam's strategic importance stems from its vibrant economy and increasing purchasing power. With over 100 million young working-age people and more than 50 Free Trade Agreements, Vietnam offers significant market opportunities in America and Europe.
Mr. Sanan advises Thai entrepreneurs to understand the cultural nuances of Vietnam and to engage sincerely with the community. Leveraging the "Team Thailand Plus" initiative, which involves collaboration between Thai ambassadors, consuls, and the private sector, can help navigate the Vietnamese market effectively.
Thailand and Vietnam are poised to become allies, uniting as the "big brother of ASEAN." By combining their strengths, the two nations aim to establish a new economic hub in the region.