Finance Minister Ngo Van Tuan assessed that Viet Nam and Thailand both compete and can cooperate in the export of agricultural products, especially rice and durian.

Minister of Finance Ngo Van Tuan held talks with Deputy Prime Minister and Minister of Finance of Thailand Ekniti Nitithanprapas. The event took place within the framework of the official visit to Thailand by General Secretary and President To Lam and a high-level Vietnamese delegation.

During the talks, the two sides exchanged information on the macroeconomic situation, fiscal policy direction, administrative reform, public investment, FDI attraction, and bilateral economic cooperation.

In the field of economic cooperation, Minister Tuan assessed that the two countries both compete and can cooperate in the export of agricultural products, especially rice and durian. He proposed that Viet Nam and Thailand strengthen coordination to effectively exploit export markets together.

Regarding attracting investment, Viet Nam currently prioritizes the power and processing and manufacturing industries; and highly appreciates the presence of many large Thai enterprises in Viet Nam.

The Minister also suggested that ASEAN needs deeper integration in the supply chain, with each country participating in stages that suit its own strengths; for example, Viet Nam is developing electric vehicles while Thailand has strengths in processing and manufacturing.

Regarding supporting industries, Minister Ngo Van Tuan stated that Thailand currently possesses a highly developed supply chain ecosystem with approximately 3,000 businesses, while Viet Nam is still in the early stages of developing this sector.

On the Thai side, Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas stated that many Thai businesses are currently involved in supplying components and parts to VinFast of Viet Nam.

He also stated that many Japanese and Chinese corporations are setting up home appliance manufacturing facilities in Thailand with brands such as Toshiba and Midea.

According to Thailand, the trend of FDI shifting to Southeast Asia is increasing due to geopolitical instability in the Middle East. This is seen as a great opportunity for ASEAN economies such as Viet Nam, Thailand, and Singapore.

The Thai side also highly appreciated Viet Nam's efforts in attracting Samsung's investment in the semiconductor sector, and suggested that ASEAN needs to strengthen supply chain linkages to enhance its position in the global value chain.

Furthermore, within the framework of the seminar, Mr. Ekniti Nitithanprapas also shared his experience in evaluating public investment. He stated that Thailand uses the "Economic Internal Rate of Return" (EIRR) index to assess project effectiveness, instead of just looking at financial efficiency or interest rates alone.

Thailand also shared its experience in reforming tax incentives to adapt to the global minimum tax rate through the "qualified tax credits" mechanism, which is currently being amended in its laws.

At the conclusion of the talks, both sides agreed on the need to promote not only cooperation but also to create substantive connections between the two economies, thereby leveraging ASEAN's shared strengths in regional and global value chains.

By 2025, bilateral trade between Viet Nam and Thailand is expected to reach approximately US$22.1 billion. Thailand is currently one of the largest investors in Viet Nam, with a total registered capital of around US$14.9-15.4 billion .

Source: Vietnam.vn