NA Chairman Vuong Dinh Hue (standing) at the forum in Bangkok on December 8 (Photo: VNA) He delivered a speech at a policy and legal forum on promotingbilateral economic, trade, and investment partnerships held in Bangkok, part ofhis official visit to Thailand.
The top legislator perceived that much room remains forbilateral economic, trade, and investment ties, and to turn these areas into atrue cooperation pillar, the two countries should continue reforming theirmindsets and visions in the spirit of mutual trust, sincerity, openness, highersense of responsibility, more effectiveness, and win-win cooperation, andconsider this as the invariable factor to respond to the variables in the worldand the region.
Vietnam and Thailand are not rivals, he stated, explaining thattheir economic structures share many similarities and also differences that arecomplementary to each other.
With regard to similarities, the two countries should work togetherin the principle of mutual benefit to renew existing value chains and set upnew and strategic ones with higher added value to join in regional and globalsupply chains. For example, they can cooperate in rice trading, electric vehicleproduction, and the semiconductor industry, he suggested.
Vietnam is running a trade deficit withThailand, but when Thailand’s investment in Vietnam increases in the comingtime, bilateral trade will become more balanced, he went on.
Hue said to foster economic,trade, and investment relations more strongly, the two countries’ parliamentsand governments need to increase sharing experience in building policies andlaws related to enterprises, investment, and business to adapt to the fast-changingscience, technology, and international environment.
Both sides should step up connecting thetwo economies by fruitfully carrying out the action plan for implementing theenhanced strategic partnership for 2022 - 2027 and the “Three Connections”initiative, especially connecting small- and medium-sized enterprises and localitiesof the countries, including central provinces of Vietnam and northeastern onesof Thailand; connecting their road and waterway infrastructure; continuing todevelop the East - West and southern economic corridors; and opening moredirect air routes, he noted
Vietnam and Thailand should bolster Government-to-Government,association-to-business, and business-to-business cooperation to facilitate tradeand investment flows, and bring into play each country’s strengths in the newcontext, he continued, adding that Vietnam encourages Thai firms to invest insuch areas as green energy, automobile, food, processing, textile - garment, electronicmaterials, chemical, and industrial park infrastructure.
They also need to capitalise on the free trade agreements towhich both are parties to promote trade in goods, enhance financial andmonetary cooperation, open their markets and create more optimal conditions foreach other’s businesses, and strive to raise bilateral trade to 25 billion USDand higher in a balanced and mutually beneficial manner. Besides, they should activelycoordinate and consult with each other, particularly at multilateral businesscooperation mechanisms, according to Chairman Hue.
The Vietnamese NA has and will alwaysstand side by side with the entire policy system to issue many appropriatepolicies and create a transparent, equal, and comprehensive legal framework toprovide favourable conditions for foreign investors, including those fromThailand, to operate successfully in Vietnam, which always views businesses’success as its own, he added.
At the forum, the NA leader witnessed the launch of the Vietnam -Thai Chamber of Commerce./.
VNA
