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Thai, Vietnamese retailers sign pact to boost trade
WEDNESDAY, NOVEMBER 23, 2022
The Thai Retailers Association (TRA) and the Association of Vietnam Retailers (AVR) signed a memorandum of understanding (MoU) to strengthen trade between the two countries.
“This MoU aims to boost sales of small and medium enterprises [SMEs],” TRA president Yon Pokesap said on Tuesday.
The agreement is also in line with the five pacts signed by the Thai and Vietnamese governments during the Asia-Pacific Economic Cooperation summit, he said.
Prime Minister Prayut Chan-o-cha and his Vietnamese counterpart Nguyen Xuan Phuc witnessed the signing of the five documents – the Plan of Action on Implementing the Thailand-Vietnam Strengthened Strategic Partnership 2022-2027; an agreement on mutual judicial assistance between Thailand and Vietnam; the forging of Thailand’s Khon Kaen and Vietnam’s Da Nang as sister cities; an MoU between the Thai Board of Trade and the Vietnam Chamber of Commerce and Industry; and a bilateral trade and investment facilitation agreement between the Export-Import Bank of Thailand and Vietnam’s Joint Stock Commercial Bank for Foreign Trade (Vietcombank).
The MoU between the TRA and the AVR focuses on promoting trade and investment between Thailand and Vietnam in order to boost economic growth and the trade value between the two countries to US$25 billion (902.56 billion baht) by 2025, Yon explained.
“Meanwhile, this MoU also focuses on boosting the potential of up to 3 million SMEs in Thailand and Vietnam’s retail and service sectors so they can become the main engine for development of products and innovation,” he said.
The MoU promotes trade and investment opportunities via an exchange of knowledge, trade facilitation and business matching for sustainable growth, Yon said.
“It also helps business operators achieve net-zero carbon emissions by promoting eco-friendly products and waste and energy reduction,” he added.
The General Statistics Office of Vietnam said the country’s retail sales and services as of October was 486.40 billion dong (704.57 million baht), up 2 per cent month on month and 17% year on year.
The Vietnamese Ministry of Industry and Trade, meanwhile, said the country’s retail sector is expected to expand from the current $142 billion to $350 billion in 2025, accounting for 59% of Vietnam’s gross domestic product.
The ministry also expected Vietnam’s retail sector this year to grow by 20% year on year on rising demand, especially during Vietnamese New Year during the latter part of January 2023.
“Vietnam’s retail sector would also gain positive sentiment from a number of festivals in the latter part of this year, such as Black Friday and Christmas,” the ministry added.