During the third joint Cabinet retreat in Bangkok last week, the Prime Minister of Thailand, Prayut Chan-o-cha and Vietnamese Prime Minister, Nguyen Tan Dung, agreed to enter a partnership to boost cooperation in several industries, including textiles.
According to the National News Bureau of Thailand, Prime Minister Chan-o-cha has confirmed a strong relationship between the two countries, both enjoying a wide range of bilateral cooperation. Both leaders have also agreed to increase bilateral trade to $20 billion in the next five years.
During the meeting, five agreements were signed, including a labor skill development memorandum of understanding (MOU), a freedom of labor movement MOU and an MOU to establish partner cities in both countries.
Vietnam is the only country of the Association of Southeast Asian Nations (ASEAN) that Thailand has agreed to enter this partnership with, while Thailand is the only country to host a joint Cabinet retreat with Vietnam.
Vietnam is Thailand’s fourth-largest trading partner among the 10 ASEAN countries and is the eleventh biggest in the world. In 2014, two-way trade reached 13.1% to $11.82 billion. Exports to Vietnam totaled $7.88 billion, with imports from Vietnam at $3.93 billion, reports the National News Bureau of Thailand.
Both leaders will stage events next year to celebrate 40 years of diplomatic relations between the two countries.