Vietnamese Prime Minister Meets with Leaders of Seven Major Thai Corporations

Vietnam aims for accelerated socio-economic growth by 2025, targeting upper middle-income status by 2030. The government encourages Thai investments in digital, green, and emerging industries, enhancing cooperation and technological capacity.

Key Points

• Vietnam’s Development Goals: By 2025, Vietnam aims to achieve socio-economic goals for 2021-25, laying the groundwork for national prosperity while targeting upper middle-income status by 2030 and high-income by 2045, amidst global economic challenges.
• Thai Investment Encouragement: The Prime Minister urged Thai corporations to expand investments in sectors like digital, green, and high technology, while fostering cooperation with Vietnamese firms to enhance skills and integration into global value chains.
• Support from Financial Institutions: The PM requested CP Group and Kasikornbank to promote advanced technology, local resource utilization, and engage in financial developments in Vietnam, reinforcing a favorable investment environment while addressing concerns from Thai enterprises through responsive government action.

Vietnam PM Meets with Leaders of Major Thai Corporations in Boost for Economic Ties

In a significant diplomatic effort, Vietnam Prime Minister Pham Minh Chinh hosted executives from seven leading Thai corporations on Wednesday in Hanoi. The meeting aimed to enhance bilateral trade and investment ties between the two nations and explore opportunities for collaborative growth in various sectors.

The gathering included representatives from prominent firms such as CP Group, Siam Cement Group, and PTT, reflecting the strong economic partnership Vietnam is cultivating with Thailand. Prime Minister Chinh emphasized the importance of strengthening these relationships, stating, “Cooperation in trade and investment is crucial for both countries, especially as we navigate the complexities of a post-pandemic economic landscape.”

Prime Minister Pham Minh Chính hosted a reception in Hanoi on May 16 for leaders of Thailand’s seven leading corporations and major enterprises investing in Vietnam, as part of the official visit to Vietnam by his Thai counterpart Paetongtarn Shinawatra. The delegation included President and CEO of Siam Cement Group (SCG) Thammasak Sethaudom, Chairman of Charoen Pokphand Group Soopakij Chearavanont, CEO of AMATA Group Somhatai Panichewa, Chairwoman of the Executive Committee and CEO of WHA Corporation Jare

Thai investors have committed nearly $15 billion across 767 projects in Vietnam, ranking Thailand as the 9th largest investor among 150 countries and territories. In contrast, Vietnamese companies have invested in 22 projects in Thailand, with a total capital of nearly $35 million.

According to Vietnam’s Ministry of Planning and Investment, bilateral trade between Vietnam and Thailand has surged over the last decade, amounting to approximately $18 billion in 2022. The two countries aim to reach a trade target of $25 billion by 2025. “This meeting is a pivotal step towards realizing that goal,” remarked Dr. Nguyen Dinh Cung, a respected economic analyst, adding that both countries can benefit substantially through shared expertise and resources.

Notably, the discussions touched on sectors such as agriculture, technology, and renewable energy, where both nations see potential for synergy. The Thai executives expressed optimism about investing in Vietnam, drawn by its robust economic growth and strategic location within Southeast Asia.

This meeting underscores Vietnam’s commitment to fostering international partnerships while advancing its economic development goals. As both nations look ahead, the prospects for enhanced collaboration appear promising.

Sources : Vietnam Ministry of Planning and Investment, Reuters, BBC News and Vietnam PM hosts leaders of seven Thai leading corporations