27/07/2015 10:11 GMT+7 Email Print Like 0

Thailand and Vietnam declare success of joint Cabinet retreat

Bangkok, July 26 (VNA/NNT) - Thailand and Vietnam have declared the success of the third joint Cabinet retreat during the Vietnamese Prime Minister’s official visit to the Kingdom.

Prime Minister Prayut Chan-o-cha has affirmed strong relations between the two countries, both enjoying a wide range of bilateral cooperation. Vietnam remains the only ASEAN nation with which Thailand has agreed to enter a strategic partnership. By the same token, Thailand is the only country to host a joint Cabinet retreat with Vietnam.

Vietnam is Thailand's fourth-largest trading partner among the ten ASEAN member nations, and the 11th biggest in the world. Last year, two-way trade grew 13.1 percent to 11.82 billion USD. Exports to Vietnam were valued at 7.88 billion USD, with imports from Vietnam at 3.93 billion USD. Both parties have agreed to boost bilateral trade to 20 billion USD in five years.

General Prayut and Prime Minister Nguyen Tan Dung both agreed to stage events next year to commemorate four decades of diplomatic relations between Thailand and Vietnam.

The Thai premier also elaborated on areas of cooperation discussed at the retreat, which include Thailand’s SME investments in Vietnam in textile, energy, agricultural and tourism sectors. Vietnam was invited to join the International Rubber Consortium Ltd (IRCo), which is aimed at helping to stabilize regional rubber prices. Additional cooperation includes measures to tackle illegal fishing, transnational crime and human-trafficking.

During the meeting, both prime ministers witnessed the signing of five agreements, including a labour skill development MOU, a freedom of labor movement MOU and an MOU to establish partner cities in Thailand and Vietnam.