On the morning of August 29, the People’s Committee of Lao Cai province, in collaboration with the Ministry of Foreign Affairs and the Royal Thai Embassy in Vietnam, organized the second “Meeting Thailand” conference in Lao Cai province. This event aimed to operationalize the “Three Connections” strategy agreed upon by the high-level leaders of Vietnam and Thailand while promoting investment opportunities for Thai businesses in Lao Cai.
The conference also held special significance as it was organized on the occasion of the 48th anniversary of the establishment of diplomatic relations between Vietnam and Thailand (1976-2024) and the 11th anniversary of the establishment of the Strategic Partnership (2013-2024).
TAKING ADVANTAGE OF VIETNAM – THAILAND COOPERATION POTENTIAL
The leaders of Vietnam and Thailand have agreed to enhance their economic partnership through the “Three Connections.” These encompass supply chain connectivity between supporting industries, community economic connectivity, especially for micro, small, and medium-sized enterprises and localities, and strategic connectivity in sustainable development policies, including bio-economy, circular economy, and green economy approaches between the two countries.
Her Excellency Urawadee Sriphiromya, Thai Ambassador to Vietnam, emphasized that the second “Meeting Thailand” conference holds significant importance. It not only continues and expands the cooperation between Thailand and Lao Cai province but also marks the continuation of a profound relationship following Her Royal Highness Princess Maha Chakri Sirindhorn’s official visit to Vietnam in August.
“The relationship between Thailand and Vietnam is not limited to the central level but also extends to the local level. This reflects Her Royal Highness Princess’s keen interest in promoting not only economic development but also social and educational advancement, which are crucial for fostering long-term growth in both countries,” shared Ambassador Urawadee Sriphiromya.
The development of this relationship has also received significant support from Thai and Vietnamese businesses, acting as the primary driving force behind the current Thailand-Vietnam relationship. The Ambassador also mentioned that Thai businesses are particularly interested in investing in various fields in Vietnam, such as retail, energy, agriculture, industrial parks, services, and tourism. They recognize Vietnam’s economic potential and the opportunities for supply chain integration and tourism connectivity under the “Six Countries One Destination” policy.
Thailand is currently Vietnam’s largest trading partner within ASEAN and one of the leading foreign investors in Vietnam. Speaking at the conference, Mr. Nguyen Nhu Hieu, Director-General of the Foreign Affairs Department, Ministry of Foreign Affairs, emphasized the dynamic economic development of Vietnam and Thailand. He highlighted their mutual support in the global supply chain and the expansion of cooperation into new areas such as the digital economy, green economy, and clean energy.
The two countries also share a long-standing diplomatic relationship with many cultural, historical, and religious similarities. Over the 48 years of diplomatic relations, the bond between Vietnam and Thailand has grown stronger and more trustworthy, marked by the establishment of the Strategic Partnership in 2013 and its upgrade to an Enhanced Strategic Partnership in 2015. The leaders of both countries have affirmed their determination to continuously foster the Vietnam-Thailand friendship and cooperation while aiming to elevate their relationship in the near future.
With these foundations, the two countries have numerous opportunities to vigorously promote balanced and sustainable trade cooperation. This can be achieved by encouraging businesses to expand their operations and investments and facilitating market access for goods from both countries, as emphasized by Mr. Hieu.
ENHANCING INVESTMENT ATTRACTION FROM THAI BUSINESSES IN LAO CAI
In addition to capitalizing on cooperation opportunities between the two countries and promoting investments from businesses, strengthening cooperation between Thai enterprises and Vietnamese provinces is also a significant goal for both nations. Her Excellency Ambassador Urawadee Sriphiromya highlighted the importance of Lao Cai province as a hub for transportation and logistics services.
“Now is an opportune time for leading Thai businesses and investors to seek trade and investment opportunities in Lao Cai while also promoting Thailand to the province. This will contribute to fostering economic, social, and cultural cooperation between Thailand and Lao Cai, transforming it into a ‘destination for success’ in the future,” the Ambassador stated.
With its existing advantages, Lao Cai province has been an attractive destination for investors. As a mountainous border province located in the center of the midland and northern mountainous region of Vietnam, with over 182 km of borderlines adjacent to Yunnan province (China), Lao Cai is striving to become a bright spot in economic, cultural, and social development in the region.
Providing information on Thai businesses’ investment in Lao Cai province, Mr. Vu Xuan Cuong, Vice Secretary of the Provincial Party Committee and Chairman of the Provincial People’s Council of Lao Cai, shared that there are currently two FDI projects from Thai investors in the province, with a total investment of approximately 17 million USD. Although the number of projects is limited, they are significant FDI projects in the field of commerce and services, aligning with the province’s investment attraction goals, orientation, and priority sectors.
Lao Cai province has also been attracting investors due to its geographical advantages and its economic, cultural, and social development. “With the strengths and experience of Thai businesses in technology, finance, logistics, international market networks, and business management skills, combined with the advantages of localities in Vietnam, it will bring substantial and practical benefits to both sides,” emphasized the leader of Lao Cai province.
The localities in the Northern Midland and Mountainous region, including Lao Cai province, hold a particularly important position in Vietnam’s socio-economic development strategy. They are endowed with abundant mineral resources, diverse historical and cultural relics, and great potential for developing forestry, trade-services, transportation, and cultural tourism. “I believe that the localities in this region will become a priority choice for Thai investors in the coming time,” shared Mr. Nguyen Nhu Hieu, Director-General of the Foreign Affairs Department.
To facilitate the exchange of comprehensive development experiences in various economic and local fields between the two countries, speakers, representatives of Vietnamese and Thai businesses, and delegates from provinces and associations participated in two main discussion sessions.
These discussions aimed to provide practical and insightful contributions toward the goal of not only promoting bilateral cooperation between Thailand and Vietnam but also creating a strong impetus for investment and cooperation development in Lao Cai province in the coming time.
As part of the conference, the Lao Cai Business Association signed a memorandum of understanding with the Thai Chamber of Commerce and Industry in Vietnam (ThaiCham). This agreement lays a solid foundation for expanding and developing cooperation opportunities between Thai and Lao Cai businesses in the near future. This collaboration not only marks a new step in the economic relationship between the two sides but also contributes to promoting investment and business development in the region.
The second “Meeting Thailand” conference in Lao Cai was attended by 400 delegates, including the Thai Ambassador to Vietnam, leaders of the Ministry of Foreign Affairs and central ministries and sectors, the Vietnam Chamber of Commerce and Industry, leaders of Lao Cai province, agencies, organizations, businesses, and domestic and foreign investors.
The conference attracted the attention and participation of 14 localities, businesses, and business associations from the Northern Midland and Mountainous region, as well as some localities with friendly and cooperative relations with Thai localities. It served as a forum for Vietnamese and Thai localities and businesses to meet, exchange ideas, and seek investment and business cooperation opportunities in potential fields of mutual interest.
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