Mr. Le Huu Phuc, Vietnamese Trade Counselor in Thailand  (Photo: VNA)

2026 marks the 50th anniversary of Vietnam-Thailand diplomatic relations, as the two countries enter a new phase of development based on the Comprehensive Strategic Partnership. In your view, what does this milestone mean for economic, trade and investment cooperation between the two countries?

After 50 years, Vietnam-Thailand relations have moved beyond past differences toward trust, comprehensive cooperation and increasingly close ties within ASEAN.

As the two countries enter a new phase of development based on the Comprehensive Strategic Partnership, economic and trade cooperation has become a substantive and dynamic pillar and the strongest area of the overall Vietnam-Thailand relationship.

Thailand is currently Vietnam’s largest trading partner in ASEAN and its sixth-largest trading partner worldwide.

A key development is the strong growth and qualitative improvement in bilateral trade. After reaching a record US$22.1 billion in 2025, two-way trade continued to grow strongly in the first six months of 2026, reaching US$13.4 billion, up 27.2% year on year. Vietnam’s exports to Thailand grew particularly strongly, reaching US$5.6 billion, up 35%, directly narrowing the trade deficit by 18% and showing the significant improvement in the competitiveness of Vietnamese goods.

There has also been a significant shift in value chain linkages. Rather than relying mainly on traditional agricultural products, Vietnamese goods exported to Thailand are increasingly entering supply chains in high-tech and supporting industries. In the first six months of 2026 alone, exports of computers and electronic components reached US$1.6 billion, up 110%, while machinery and equipment reached US$703 million, up 40%, strengthening Vietnam’s position in the regional industrial production chain.

Thailand’s investment of more than US$15.4 billion in Vietnam is a clear sign of strong strategic trust between the two economies, with major projects from leading groups such as Siam Cement Group (SCG) with the Long Son Petrochemicals Complex, C.P. Group, Central Retail, Amata Corporation, and BJC/MM Mega Market.

Vietnamese businesses are also building a strong presence in Thailand in aviation, renewable energy and trade.

The “Three Connections” strategy is opening up new areas for cooperation between Vietnam and Thailand. In your view, which sectors and opportunities deserve attention for businesses in the two countries in the coming period?

To realize the “Three Connections” strategy, we are not only connecting transport infrastructure through the Vietnam-Laos-Thailand road economic corridors and coastal shipping routes to improve logistics, but, more importantly, connecting Vietnamese businesses with Thailand’s ecosystems and supply chains in sectors such as automobile manufacturing, semiconductors and electronics, while aligning Thailand’s Bio-Circular-Green Economy (BCG) model with Vietnam’s Green Growth Strategy.

Vietnam and Thailand are both facing challenges in ensuring energy security, applying AI and adapting to international supply chains.

With a high level of political trust and experience in oil and gas cooperation, the two sides can expand cooperation in third countries to diversify supplies and ensure energy security. Thailand has experience in developing LNG projects, while Vietnam is accelerating energy infrastructure development. This creates opportunities for the two sides to cooperate on strategic infrastructure projects, complete gas industry value chains and advance clean energy projects.

Energy-intensive industries such as aluminum, steel and chemicals are increasingly moving closer to stable and clean energy sources. Countries capable of providing affordable clean electricity and smart grid infrastructure will have a major advantage in attracting foreign direct investment (FDI). With their natural advantages and recent experience in cooperation, the two sides can further promote cooperation in renewable energy and the digital economy, where there is significant room for joint ventures to develop clean energy projects, technology infrastructure and digital transformation.

Cooperation should be promoted in technology-intensive sectors such as heavy industrial products, electronic components, semiconductors and printed circuit boards (PCBs). These sectors are becoming key areas for cooperation. In the first six months of 2026, exports of computers and components continued to grow strongly, reaching US$1.6 billion and demonstrating close integration into the regional industrial value chain.

In addition, high-tech agriculture, deep-processed food and sustainable tourism remain promising sectors, with the potential to create new breakthroughs in bilateral trade.

As both countries enter a new development trajectory that is sustainable, modern, green and driven by science, technology and innovation, this will provide an important foundation for creating new growth drivers in bilateral economic cooperation. New business opportunities will emerge as both countries share common goals and visions. Therefore, businesses in both countries need to proactively study emerging trends, seek partners, build technological capabilities and strengthen their legal capacity.

President of the National Assembly and Speaker of the House of Representatives of Thailand Sophon Zaram (7th from left) and Vice Chairwoman of the Vietnamese National Assembly Nguyen Thi Thanh (8th from left) pose for a group photo with delegates at the “Woven Ties - 50 Years of Thailand–Vietnam Diplomatic Relations” exhibition. (Photo: daibieunhandan.vn)

Based on your experience supporting Vietnamese businesses in Thailand, what do you consider the major barriers to bilateral trade and investment today, and what should businesses do to overcome them?

Thailand is a familiar market, but it has protectionist tendencies and a highly competitive environment. To enter the market successfully and establish a lasting presence, Vietnamese businesses need to proactively “transform” in four directions:

First, adopt “green” production processes and products to align with Thailand’s BCG model, with attention to environmentally friendly packaging and traceability.

Second, proactively address technical barriers, comply with Thai Food and Drug Administration (FDA) and Thai Industrial Standards Institute (TISI) requirements, and understand rules of origin, including RVC and wholly obtained criteria, to fully benefit from 0% tariffs and the ASEAN-wide Self-Certification (ASSC) mechanism under the ASEAN Trade in Goods Agreement (ATIGA).

Third, shift from raw exports to deeper cooperation by expanding OEM/ODM models, becoming suppliers of raw and auxiliary materials to Thai groups, and leveraging e-commerce channels.

Fourth, consistently build strategic partnerships, adapt packaging to local preferences, and proactively coordinate with the Trade Office to verify partner information and prevent trade risks.

To optimize trade activities, alongside fully utilizing tariff preferences, we also need to expand payment applications, standardize technical procedures, and negotiate and sign agreements on harmonizing and mutually recognizing technical standards between the two countries.

Amid continued volatility in the global economy, what are your expectations for Vietnam-Thailand economic cooperation in the coming period?

The 50th anniversary (1976–2026) is not only an opportunity to look back on proud achievements but also a strategic foundation for the two countries to open a new chapter of cooperation.

Vietnam-Thailand economic relations in the coming period will develop toward deeper integration across supply chains, infrastructure, technology and sustainable development.

With political trust, the determination of senior leaders and the initiative of the business community, I believe the goal of US$25 billion in bilateral trade can be achieved soon, followed by higher milestones, potentially reaching US$50 billion in the not-too-distant future, as mentioned by Prime Minister Anutin, contributing positively to the prosperity of the two peoples and the sustainable development of the ASEAN community.