HANOI – At the Vietnam-Thailand Business Forum 2025, held on May 16 in the Vietnamese capital under the theme “One Plus One Equals Three Connections,” Prime Minister Pham Minh Chinh and Thai Prime Minister Paetongtarn Shinawatra sent a clear signal of close economic ties between the two countries. The meeting in Hanoi, attended by hundreds of business representatives and leading politicians from both nations, marks a significant milestone in the intensification of their comprehensive strategic partnership.

Strategic Cooperation in Focus

For over 20 years, Thailand and Vietnam have deepened their economic relations, which gained new momentum following the elevation to a strategic partnership in 2015. Today, Thailand is Vietnam’s largest trading partner within ASEAN, with bilateral trade turnover already exceeding USD 21 billion in 2024 – a 6.4% increase compared to the previous year.

Both countries agreed on the ambitious goal of increasing trade turnover to USD 25 billion in the short term. Key areas of focus include the digital economy, green transformation, energy, logistics, semiconductors, and mutual integration into global supply chains.

Triple Strategy for Growth: Supply Chains, Infrastructure, Culture

The “Three Connections Strategy” highlighted at the forum encompasses:

• Supply Chains: Intensifying business connections, particularly in the areas of digitalization, energy transition, and manufacturing.
• Transport Infrastructure: Promoting regional corridors such as the East-West Economic Corridor and the Southern Economic Corridor through joint infrastructure projects.
• Cultural and Economic Connectivity: Expanding education, tourism, and civil society exchange, including new flight connections between Vietnamese cities and Northeast Thailand.

Vietnam Remains a Growth Market for Investors

Prime Minister Pham Minh Chinh affirmed that Vietnam is experiencing stable economic growth despite global uncertainties. With over USD 6.7 billion in realized foreign direct investment in the first four months of the year, Vietnam is one of the most attractive investment destinations in Asia. The country aims for a GDP growth of at least 8% in 2025.

Vietnamese Prime Minister Pham Minh Chinh

Thailand currently ranks 9th among the largest foreign investors in Vietnam, with 767 projects and a total volume of nearly USD 15 billion. Conversely, Vietnamese companies are increasingly investing in Thailand – 22 projects with a capital of around USD 35 million demonstrate this trend.

Future Industries and the Private Sector as Drivers

Both heads of government emphasized the central role of the private sector in bilateral success. Thai companies are expected to support Vietnam in accessing sustainable financing sources and technologies. The focus here is on the green economy, circular economy, renewable energies, digital transformation, and knowledge-based industries.

Both countries see significant cooperation potential, particularly in areas such as AI, semiconductors, petrochemicals, food processing, logistics, and electronic components – also through training programs for the development of highly skilled workers.

New Partnerships and Projects Presented

Several cooperation agreements were concluded at the forum, including:

• FPT Corporation and Sunline for the digitalization of the Thai financial and retail sectors.
• Vietjet and Boeing for the delivery of 50 Boeing 737 aircraft for regional tourism traffic.
• Vietnam Rubber Group and Amata Group for the development of a new industrial park in Dong Nai.

Political Trust and Economic Confidence

Both prime ministers emphasized the strong historical connection between the countries – with President Ho Chi Minh as a symbolic figure. Prime Minister Chinh highlighted that the strategic partnership model with Thailand is exemplary for ASEAN. The joint cabinet structure, initiated by the Shinawatra family, has made cooperation at the government level unique.

Prime Minister Shinawatra concluded: “Thailand and Vietnam are jointly driving the economic growth of the region. Our goal is not only economic success but also a strong foundation for peace, prosperity, and sustainability.”

Conclusion: The 2025 Business Forum has elevated cooperation between Vietnam and Thailand to a new level – as a strategic alliance for growth, innovation, and regional integration in the heart of Southeast Asia. (zai)