Bilateral relations between Thailand and Vietnam have come to a peak recently, opening a new chapter to bring mutual benefit, but rival sentiments may cause negative impacts, panellists said yesterday.

Speaking at a seminar on “Enhancing Vietnam-Thailand Relations for Common Prosperity, Sustainable Development and Regional Security” at Chulalongkorn University, Vietnam’s Ambassador to Thailand Nguyen Tat Thanh said Vietnam and Thailand were natural partners. “As the only country in the region bordering Indochina, Thailand served as our gateway to the world.”

The two countries have many opportunities to enhance their comprehensive relations as they are sit close geographically on mainland Southeast Asia, he said. Governments of the two countries have already agreed on a whole range of areas for cooperation, forging a strategic partnership three years ago, he said.

Vietnam is the only country in the world which has concluded free-trade agreements (FTAs) with all permanent members of the UN Security Council, he added.

“When the FTAs come into effect, over 95 per cent of our exports will enjoy preferential treatment almost anywhere in the world,” Thanh said.

However, the two countries have some problems to fix, he said, noting that Thai Navy’s treatment of fishing boats from Vietnam last week.

The Vietnamese Embassy sent a diplomatic note to the Thai Foreign Ministry after the incident, saying Thai naval forces opened fire on three Vietnamese fishing boats, injuring two crewmembers.

Separately, Prime Minister Prayut Chan-o-cha said he acknowledged the Vietnamese boats’ intrusion into Thai territory, with the arrest and injury of “aliens” but said he was not aware of the Navy firing at the vessels. “The rest of story is elaborated by Vietnamese media,” he said.

The Vietnamese who were arrested needed to be prosecuted if they were found guilty of intruding on Thai maritime territory, Prayut said.

Vo Xuan Vinh, from the Institute of Southeast Asian Studies at the Vietnam Academy of Social Sciences, said the two countries’ diplomatic relations reaching the 40th anniversary next month have created confidence and trust like never before.

“Today, Vietnam and Thailand cannot only think of cooperation to make benefit but also sharing experience and good practice,” he said.

Kavi Chongkittavorn, senior fellow at Chulalongkorn’s Institute of Security and International Studies, agreed bilateral relations between the countries were at their best. Ties had vacillated over past decades but were excellent now, he added.

Tharabodee Serng Adichaiwit, manager of Bangkok Bank’s branch in Vietnam, said the country had successfully developed its economy and it was now growing faster than Thailand. Vietnamese exports now rival Thailand’s, he said.

Foreign investors looked at Vietnam’s advantage after it joined the US’s proposed Trans-Pacific Partnership, he said. “Five to 10 years from now, I predict that Vietnamese GDP per capita will be higher than Thais,” he said.

However, some Thais view Vietnam’s success as discouraging, given the countries’ rivalries.

Vinh said sentiment about comparative economic success “could be seen as rivalry or even a threat to the other… and this sentiment could be a hindrance in the relations.”