ASEAN connectivity increases after visits

Visits to Thailand and Singapore by Party General Secretary and State President To Lam last week will help push along a furthering of ties for Vietnam in trade, investment, and innovation.

- Khoi Nguyen

Last Wednesday, Party General Secretary and State President To Lam and his spouse departed Hanoi with a high-level Vietnamese delegation for an official visit to Thailand and then a state visit to Singapore, where he attended the Shangri La Dialogue. On Sunday, he also paid a state visit to the Philippines.

The main aim of the visits was to help consolidate and deepen relations, elevating cooperation within ASEAN to a more effective and strategic level.

At the bilateral talks between the Vietnamese leader and Thai Prime Minister Anutin Charnvirakul, both sides underlined strengthened ties in politics, security, and defence. Economically, they agreed to strengthen economic connectivity in a complementary manner, with qualitative development.

“They pledged to soon increase bilateral trade turnover from the current $22 billion to $25 billion in a balanced fashion, while expediting licensing procedures and market access for several high-potential agricultural products,” said the Department of Information and Press under Vietnam’s Ministry of Foreign Affairs.

Last year, Vietnam’s exports to Thailand reached $8.8 billion, up 12.7 per cent on-year, while imports from this nation came in at $13.3 billion, up 6.7 per cent.

During the first four months of this year, bilateral trade hit nearly $8.6 billion, up 24 per cent on-year. Vietnam’s exports stood at $3.76 billion, up 39 per cent, while imports sat at nearly $4.84 billion, up 15 per cent.

Vietnam’s exports to Thailand mainly comprise mobile phones, computers, electronic components, machinery and equipment, transport vehicles, chemicals, steel, crude oil, textiles and garments, fruits and vegetables, and seafood products.

Meanwhile, Vietnam imports from Thailand computers and electronic components, completely built-up automobiles, household electrical goods, machinery and equipment, automotive parts, plastic materials, metals, and chemicals.

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