Bilateral trade turnover between Vietnam and Thailand reached $3 billion in the first two months of 2023, of which Vietnam’s exports stood at $1.2 billion, up 12.4 per cent year-on-year, while imports were $1.8 billion, down 15.2 per cent.

It is expected that bilateral trade turnover will soon reach $25 billion. At the “Information on Consumer Trends and Export Standards in the Thai Market in 2023” seminar on April 5, Mr. Nguyen Tuan, Deputy Director of the Ho Chi Minh City Investment and Trade Promotion Center (ITPC), said that Thailand has a diverse distribution network, creating many opportunities for Vietnamese goods to reach Thai consumers.

In addition, Vietnam, Thailand, and other ASEAN countries are signatories to many bilateral and multilateral trade agreements, such as the ASEAN Trade in Goods Agreement (ATIGA) and free trade agreements between ASEAN and partners. In particular, the Regional Comprehensive Economic Partnership Agreement (RCEP) is the largest free trade agreement and came into effect at the beginning of 2022. This not only helps remove tariffs on goods between Vietnam and Thailand, opening up many opportunities for imports and exports, but also helps them build supply chains and production chains and promote exports to third countries.

“The structure of Vietnam and Thailand’s goods exports have many similarities, especially in the agriculture and aquatic industries,” Mr. Tuan said. “However, Vietnamese businesses have not fully grasped the preferences and consumption habits of Thai people, so the processing and packaging stages are yet to meet requirements.”

Central Retail Vietnam is currently a companion and supporter of manufacturers, suppliers, and small and medium-sized enterprises (SMEs) in Vietnam penetrating into Thailand’s modern distribution network. Mr. Paul Le, Vice Chairman in charge of trade promotion at Central Retail Vietnam, said that with practical action programs, Vietnamese enterprises have the opportunity to distribute nationwide through the GO! and Big C supermarkets, which are present in 40 cities and provinces. It also opens up opportunities to export Vietnamese goods through Central Retail’s international network.