Vietnam considers its fast-deepening economic partnership with Thailand a leading example of effective bilateral cooperation within ASEAN, a senior diplomat said at Thailand’s ninth Trade Policy Review in Geneva on December 1.
Ambassador Mai Phan Dung, Vietnam’s Permanent Representative to the UN, WTO, and other international organizations, described economic ties between the two countries as one of the region’s most successful models.
He said strong political trust and active trade flows have shown how regional collaboration can drive shared prosperity. Vietnam aims to further expand cooperation with Thailand by making full use of existing free trade agreements and regional frameworks to support businesses and citizens.
The ambassador praised Thailand’s continued status as an upper-middle-income economy and one of Asia’s largest markets. The country’s GDP has reached nearly $526 billion, while its trade-to-GDP ratio climbed from 98% in 2020 to around 137% in 2024, signalling deep global integration.
Thailand ranked among Asia’s top ten merchandise traders in 2024 and placed 27th worldwide in exports and 23rd in imports. Despite pandemic-related volatility and global supply chain disruptions, merchandise exports stood at around $300 billion, with imports close to $308 billion.
Foreign investment remains a central pillar of Thailand’s economy. In 2024, the country attracted more than $10 billion in FDI, equal to nearly 2% of GDP. Total FDI stock rose about 20% to nearly $353 billion, equivalent to roughly 67% of GDP, with major inflows in manufacturing and financial services.
Outward investment has also continued to expand, including in Vietnam, particularly in manufacturing, finance, insurance, and wholesale and retail trade.
Addressing trade remedies, the Vietnamese diplomat noted Thailand’s use of anti-dumping measures on steel products covering exporters across the region. Vietnam expects Thailand to ensure transparent and objective investigations and comply fully with WTO rules, while also considering lifting these measures to ease market access for Vietnamese goods.
At the multilateral level, he welcomed Thailand’s active role in supporting the WTO and the rules-based international trading system. Thailand’s participation in joint initiatives contributes to a more stable and predictable global trade environment that benefits businesses and consumers worldwide, he said.
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