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Thailand and Vietnam targets 20% trade increase by 2015

Thailand is targeting an increased trade volume with Vietnam by 20 per cent each year prior to the ASEAN Economic Community AEC in 2015

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Thailand will focus on strengthening relations and cooperation with its neighbouring countries

Thailand is targeting an increased trade volume with Vietnam by 20 per cent each year prior to the ASEAN Economic Community AEC in 2015. East Asian Affairs Department director-general Passakorn Siriyaphan said a survey by the ASEAN Business Council found that Vietnam ranked among the top attractive investment destinations after Indonesia.

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Mr Paskorn noted that the trade volume between Thailand and Vietnam stood at US$9 billion in 2011.He reasoned that Vietnam is a new emerging market in Indochina region due to its continued growth of domestic consumption, high capacity of production and high quality of labour but low wage.

Mr Paskorn said Vietnam is also an ASEAN country member which is crucial to Thailand and share mutual benefit with the kingdom in several fields including infrastructure, energy, and agriculture. Most importantly, Vietnam and Thailand will enter the AEC in 2015.

Thailand currently ranks tenth in Vietnam’s foreign investment list, he said. A total of 224 projects have been invested, worth US$5.8 billion, mainly in real estate, tourism, hotels and hospitality, infrastructure, agriculture, chemicals, plastic, paper and food processing industries.

via Thailand targets 20% annual trade increase with Vietnam.

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Trade

Thailand to increase rice exports to 6 million tons this year

National News Bureau of Thailand

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BANGKOK (NNT) – The Commerce Ministry has launched measures to increase rice exports to 6 million tons this year, valued at around 150 billion baht, with Indonesia, China, Bangladesh and Iraq set to be the main markets under government-to-government (G2G) deals.

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Singapore

UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

Singapore’s role as a hub for UK companies, whether as exporters or investors accessing Southeast Asia’s and broader Asian dynamic economies, was elevated by the new UK-Singapore trade agreement (UKSTA) which came into effect on 1st January 2021.

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UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

There was much controversy, before and after the United Kingdom’s (UK) Brexit from the European Union (EU), in talk of it adopting a free trade and manufacturing model similar to Singapore’s.

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Economics

Cross-border trade is expected to grow up to 3-6%

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s cross-border trade is expected to recover to growth of 3-6% this year, helped by COVID-19 vaccine distribution and the global economic recovery.

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Foreign Trade Department Director-General Keerati Rushchano said cross-border trade, which includes transit trade, is likely to generate 1.36 to 1.40 trillion baht, up from 1.31 trillion baht in 2020.

According to Mr Keerati, the key risk factor that may derail border trade growth is the political chaos in Myanmar that will weaken purchasing power there and cause a delay in goods transport.

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