Two-way trade turnover between Thailand and Vietnam reached US$8.8 billion in 2011, a year-on-year increase of 20.5 percent. 

Thailand is Vietnam's second biggest trade and investment partner and Vietnam is Thailand's fourth largest one.

The information was announced by Minister of Industry and Trade (MoIT) Vu Huy Hoang at the first meeting of the Vietnam-Thailand Joint Trade Committee held jointly by the MoIT and the Thai Ministry of Commerce in Hanoi on July 12.

Hoang said he hopes that strengthening cooperation between the two countries will help rev up cooperation with other nations in the region and around the world in the areas of prominent advantages in order to cushion the impact of the global economic downturn.

The two sides reviewed results of their economic and commercial cooperation and discussed ways to boost bilateral trade within cooperative frameworks in the ASEAN sub-region, the ASEAN bloc and other international economic forums.

They reached a strong consensus on trade policies, trade promotion and investment as well as strengthening cooperation in the agricultural and private sectors.

The two ministries agreed to promote the exchange of market information, publish their regulations for businesses, exchange commercial and trade promotion delegations and closely link with their business communities to fully tap the potential of their free trade agreements (FTAs).

Vietnam imports petrol, plastics, machinery, equipment, and automobile parts from Thailand, and exports steel and agricultural and aquaculture products to the neighbouring country.

The two countries are actively working with other ASEAN members to implement their commitments towards ASEAN in 2012 as well as their FTA commitments with non-ASEAN partners.

In addition to trade and investment cooperation, Thai investors are eyeing the industrial sector in Vietnam. To date Thai companies have poured nearly US$6.7 billion into more than 250 projects in the country.

(VOV)