Seminar boosts ASEAN cooperation in trade and investment

A seminar was held in Bangkok, Thailand on March 26 to enhance cooperation in trade, investment and tourism towards the establishment of an ASEAN Economic Community (AEC) in 2015.

The event was attended by trade representatives from ASEAN countries’ embassies and more than 300 businesses keen on the Asian and ASEAN markets.

The seminar aimed to spotlight opportunities and challenges in ASEAN countries as well as preparations for their involvement in the AEC in 2015, and provided information on trade, investment and tourism for businesses to seek investment opportunities in each member country.

In regard to the trend of Vietnam’s trade relations with ASEAN countries from now through 2015, when Vietnam fully participates in the AEC, The Trade Counselor of the Vietnamese Embassy in Thailand, Nguyen Thanh Hung said Vietnam’s trade ties with ASEAN countries, especially with Thailand, are growing and flourishing. Thailand has been increasingly easing non-tariff barriers and implementing ASEAN commitments in reducing tax rates under the roadmap. This will help Vietnamese businesses achieve a greater penetration of the Thai market and other markets in the world as Thailand is an international gateway in the region.

A tax reduction to 0 percent and the removal of non-tariff barriers to boost intra- bloc trade will facilitate the participation of Vietnamese businesses into the regional market, Mr Hung noted.

Concerning Vietnam-Thailand trade relations, assistant to the Thai Minister for Commerce, Veerasak Jinarat said, “Vietnam holds great potential for development and has a high growth rate. The seminar aims to provide information for Thai businesses to intensify their investment in Vietnam. Thailand and Vietnam are the biggest rice exporters in the world so we should boost closer cooperation in this field, particularly on prices and markets.”

This year, Thailand is set to up its trade turnover with ASEAN countries to US$70 billion and with Vietnam to not less than US$10 billion.

ASEAN is currently Thailand’s largest export market. Last year, two-way trade turnover between Thailand and the other 9 ASEAN countries hit US$57 billion in which Thailand exports US$32.5 billion and imports US$24.5 billion.

Tags: Vietnam asean cooperation