Thai Ministry of Foreign Affairs spokesperson Nikorndej Balankura

Reporter: Could you please elaborate on the significance of Thai Prime Minister Paetongtarn Shinawatra's official visit to Vietnam? 

Thailand’s MFA spokesperson Nikorndej Balankura: First of all, the most important thing to note here is that it's our Prime Minister’s first official visit to Vietnam, so it’s indeed a very symbolic visit for Prime Minister Paetongtarn Shinawatra and also this marks the resumption of the Joint Cabinet Retreat (JCR). The meeting between senior officials, between ministers of key ministries that accompanying the Prime Minister is also very important.

Apart from being an official visit of the Thai Prime Minister, Thailand looks forward to the elevation of ties between the two countries. From the standpoint of a strategic partnership, you know, both countries play a very important role in the region in the Mekong sub region, in ASEAN and of course, we enjoy a very cordial and very close bilateral relations. We have to bear in mind that both Thailand and Vietnam are the 2 largest economies of the Mekong Sub region. So what we cooperate on, the areas that we touch on, we'll touch the life of the people the 600 million people of ASEAN and Mekong Sub Region.

Thailand’s MFA Spokesperson Nikorndej Balankura: From the experience as a former Ambassador to Vietnam and I can confirm that it has advanced very significantly. when I work in Vietnam, Thailand was the 11^th largest investor in Vietnam but today we have moved up from 11^th to 9^th largest investor in Vietnam with total investment valued at almost 15 billion USD. As I also highlighted earlier, this visit will mark the resumption a joint cabinet retreat. It must be noted that Thailand only has a joint cabinet retreat with the socialist republic of Vietnam and this is very important, because with such mechanism does not exist for Thailand with any other country.

The JCR that is going to take place is expected to rejuvenate the commitment of the 2 countries on various areas, ranging from political cooperation, economy, trade, investment, people-to-people contact, culture. It will also coincide with the 20^th anniversary of the establishment of the mechanism of the JCR.

Reporter: What are the prospects for bilateral cooperation in the coming years and what priority areas should Vietnam and Thailand focus on in the short and long-term?

Thailand’s MFA Spokesperson Nikorndej Balankura: I would like to note that we will be celebrating the 50^th anniversary of Thailand-Vietnam diplomatic relations next year. A lot of documents that will be signed during the Prime Minister's visit will take into account the celebration of the 50^th anniversary of Thailand-Vietnam’s diplomatic relations next year. We will set a very high target, bringing our relations to new heights, review progress made in several priority areas and will set targets on many issues.

I will give you some examples, both sides should agree to increase the volume of bilateral trade investment, promote market access for products such as agricultural products, promote mutual investment, also attracting investment from beyond the region through the 3-connect strategy. It encompasses the connectivity of supply chain, local economy and sustainable development.

On human resource development, both sides agree to support the new economy industries, especially in the areas of semi-conductors and AI capability. Also, a very important issue that will be discussed over the next 2 days is enhancing the transport connectivity, multiple model transport connectivity, and here I'm talking about air, land, sea and people-to-people connectivity.

This will help the sub-region connect better, involving trade investment and tourism, and finally, there's also the bolstering of the lobal economy and people-to-people exchanges. As you know, the people and private sectors of both countries are key drivers of our relations to move forward.

Reporter: What collaborative efforts are needed it to eliminate trade barriers and facilitate smoother economic exchanges?

Thailand’s MFA Spokesperson Nikorndej Balankura: Here we need to look at the efforts from both the governments and the private sectors which Thailand and Vietnam are both well-aware that we have to promote the private sector’s involvement. So during the visit of Prime Minister, both countries will jointly open the Thailand-Vietnam Business forum. It’s the platform where a lot of discussions can be undertaken. It is a platform with a significant progress in our economy cooperation will be highlighted where new opportunities will be explored.

Thailand welcomes the growth in our bilateral trade with Vietnam with trade value of over 21 billion USD last year and we have a target of 25 billion USD in 2025 and I think that is not far- reaching in light of the current geo-economic situation, a lot of uncertainties occurring as you know, especially with the US policy of reciprocal trade. This is more or less gives us the opportunity to increase trade between the 2 countries even more, and to cooperate even more.

Moreover, being part of the same value chain, our two countries have comparative advantage that is complementary. Most of Thai exports, over half of our exports to Vietnam are what we call intermediate product, which means that our products will afford Vietnam exports of manufacturing goods. So we are part of your products that are being exported, here we are looking at a more integrated value chain and supply chain using each other’s comparative advantages. The point is that Thailand appreciates Vietnam ongoing support of Thailand’s investment.

I would like to note we have the largest Thai investment outside of Thailand in Vietnam, and I believe that, given the current economic uncertainties, the trend will increase. We will cooperate with the Vietnamese side to facilitate Thai investors, especially those in the sectors of energy, transport and financial services on new technology, to be ever more present in Vietnam. Moreover, we would like to have an expansion of market between the 2 countries, especially for agriculture of products including livestock. We are also committed to enhancing transport connectivity as I already mentioned the multi-model transport connectivity for smoother exchanges of goods and services, as well as the movement of people.

Finally, we would like to facilitate economic exchanges economic exchanges and cooperation to fintech or financial technology. And I hope to see some tangible results during the visit, especially regarding the QR Code payment for individuals and other digital payment, which has been agreed upon for sometimes but implementation has been not fully active yet and I think the two Prime Ministers will iron up whatever has been pending.

Reporter: In the context of ASEAN, what should be the primary focus of the future cooperation between Vietnam and Thailand to contribute to strengthening the bloc multiple partnership amid the geopolitical uncertainties?

Thailand’s MFA Spokesperson Nikorndej Balankura: I’d like to emphasize that both countries are the 2 largest economies of the Mekong Sub region and also are very large economies among ASEAN members. So Thailand and Vietnam, we do have a lot to contribute in terms of strengthening ASEAN multilateral partnership. We are also key players in the multilateral trading system, adhering to free and open trading system so in my view, key areas of focus should be connectivity, which now is part of the core cooperation between Thailand and Vietnam. It has provided in the past and looking at the future, it will continue to provide huge potential for ASEAN development. It will help and strengthen the supply chain.

As you mentioned, amid the geo-economic geo-political uncertainties, I think supply chain connectivity has to be revived. We have to strengthen supply chain connectivity between the two sides.

And from our cooperation, it can be extended to be a Mekong-wide supply chain connectivity in the future. So I see that our efforts in connectivity will greatly contribute to trade, investment, tourism and people-to-people.

An important initiative that I'd like to highlight on regional connectivity through road connectivity, the R9 and R12 connecting Savannakhet and Mukdahan, and the R12 connecting Nakhon Phanom to Ha Tinh. The coastal shipping project between Thailand Cambodia and Vietnam will be also discussed during this visit.

And another collaboration will be collaboration to promote tourism in the region. One issue will be highlighted is cruise tourism campaign between Singapore, Thailand and Vietnam.

Finally, each and every country has their own approach to navigate the current geopolitical and geo-economic uncertainties based on the aspects on each economy. As stated on many occasions, Thailand welcomes opportunities to discuss ideas, share experiences and come up with ways on addressing the concerns together. I look forward to a very, very fruitful visit and a lot of tangible outcomes during the next 2 days of our Prime Minister’s visit to Vietnam.

Reporter: Thank you so much.