Localities, Vietnamese businesses, and Thai partners engaged in various activities to meet, exchange, and explore needs, potentials, advantages, and seek new investment and business opportunities to enhance economic, trade, and tourism cooperation. This was done to jointly and effectively exploit the East-West Economic Corridor (EWEC) at the Thailand Encounter event, which took place in Da Nang on August 26–27.
ENHANCING TRADE CONNECTIVITY
The East-West Economic Corridor (EWEC) from Khon Kaen, Thailand, through Laos, to Da Nang’s port offers very favorable connectivity. Thus, Da Nang City periodically hosts the EWEC Investment, Trade, and Tourism Fair in August. This event allows businesses from localities along the EWEC to introduce their products and connect for trade.
Thai business associations always encourage and regularly organize for enterprises to explore each other’s markets and participate in trade fairs and exhibitions. This aims to strengthen investment, trade, and tourism cooperation and jointly exploit the EWEC effectively. Thanks to these efforts, in just the first six months of 2024, nearly 145,000 Thai tourists visited Da Nang (accounting for 7.2% of the total international arrivals to Da Nang by air and road), ranking third in the top 10 international source markets for Da Nang.
The Da Nang authorities always hope that many Thai partners and businesses will come to explore investment opportunities and cooperate in the city. Vice Chairman of the Municipal People’s Committee Ho Ky Minh affirmed that the city commits to creating the most favorable conditions for foreign investors in general and Thai enterprises in particular to invest, do business effectively, and live peacefully in Da Nang.
In November 2022, Da Nang and Khonkaen officially signed a Memorandum of Understanding to establish cooperation, witnessed by the President of Vietnam and the Prime Minister of Thailand. Since then, the related units of Khonkaen province have coordinated with the Da Nang Foreign Affairs Department to discuss and develop effective implementation plans for the signed MOU. Thai experts and business associations are promoting Da Nang’s investment and business environment to Thai businesses and partners to attract more Thai investment and cooperation in the city.
Currently, Da Nang has been maintaining friendly relations and regular cooperation with several Thai provinces, including Mukdahan, Nakhon Phanom, Phuket, and Chiang Mai.
The city frequently welcomes Thai high-ranking delegations, such as the Thai Deputy Minister of Foreign Affairs, who visited to explore the transport potential on National Highways 8 and 12 connecting Thailand, Laos, and Vietnam; Princess Maha Chakri Sirindhorn of Thailand, who attended an international conference in Da Nang; and the delegation of the Vice President of the National Legislative Assembly and Thai parliamentarians on an official visit to Vietnam. In March 2022, the President of the Thai Senate visited Da Nang, and delegations from the governments and businesses of Ubon Ratchathani, Mukdahan, Khonkaen, Sakon Nakhon, and Sisaket provinces attended the International Fair on Investment, Trade, and Tourism in the East-West Economic Corridor (EWEC).
The Da Nang Department of Industry and Trade and the city’s enterprises have coordinated with typical partners such as the Thai Trade Office in Vietnam to promote trade, tourism, and investment exchanges, meetings, and the search for business cooperation and supply sources and market expansion in Thailand.
ACHIEVING SIGNIFICANT RESULTS IN ECONOMIC AND TRADE COOPERATION
Along with the sound political relationship, economic and trade cooperation between Da Nang and Thai partners has achieved remarkable success and practical efficiency. Thailand is currently one of the largest import and export markets for Da Nang enterprises.
According to the Da Nang Foreign Affairs Department, in 2023, the export turnover from Da Nang to Thailand reached $6 million, and imports from Thailand reached $42 million. The main export items were finished rubber products, oil and air filters, and fishing rods. The main imports were raw materials and accessories for the textile and garment industry, raw or synthetic rubber, chemicals, plastic pellets, pharmaceuticals, and other raw materials and accessories.
Typical among Da Nang enterprises with import and export relations with Thailand are the Hoa Tho Textile and Garment Joint Stock Company, Danang Rubber Joint Stock Company, Vinatex Danang Joint Stock Company, 29/3 Textile and Garment Joint Stock Company, Lafien Vina Co., Ltd., Tien Thang Co., Ltd., Danang Pharmaceutical and Medical Equipment Joint Stock Company, Central Seafood Import-Export Joint Stock Company, and Duy Thanh Handicraft Export Company Limited.
In terms of investment cooperation, the FDI value from Thailand to Da Nang has reached nearly $64 million, with 15 valid projects focusing on trade, retail, manufacturing, garment production, design, construction, and information technology.
At the Da Nang-Thailand business connectivity workshops, Thai businesses expressed their interest in seeking more cooperation opportunities and partners with Da Nang enterprises in various fields, including clean energy, oil and gas, logistics, retail, services, garment production, agriculture, furniture, industrial waste treatment, industrial products, auxiliary industries, consulting, and education.
Notably, in tourism cooperation, since 2010, the number of Thai tourists visiting Da Nang has grown positively through the EWEC road route, after the inauguration of the Friendship Bridge across the Mekong River, and the establishment of direct flights between Da Nang and Thailand by Bangkok Airways, Air Asia, and Vietjet Air.
In the first six months of 2024, nearly 145,000 Thai tourists visited Da Nang, accounting for 7.2% of the total international arrivals to the city, ranking third in the top 10 international source markets for Da Nang. The Thai market has grown strongly, surpassing Japan in the structure of tourist nationalities visiting Da Nang.
According to Thai media, Da Nang city is chosen by many international tourists, especially Thais, thanks to its impressive products, from world cultural heritages and beautiful beaches to a well-developed infrastructure system, including an international standard seaport and airport, a spacious and airy urban landscape, and a fresh and clean environment. Activities to promote and introduce Vietnamese tourism in Thailand have been continuously enhanced through participation in tourism fairs, roadshows, and hosting of fam trips and visits by Thai businesses and investors to survey destinations.
FURTHER ENHANCING THE VIETNAM-THAILAND STRATEGIC PARTNERSHIP
Ms. Nguyen Minh Hang, Deputy Minister of Foreign Affairs, shared that the friendly relationship between Vietnam and Thailand is an extremely valuable asset of the two nations, initiated by the great President Ho Chi Minh. Thailand is the only Southeast Asian country where President Ho Chi Minh stopped before returning to Vietnam from abroad to build the revolutionary career. During his two years in Thailand (1928–1929), he laid out the direction of “Thai-Vietnamese friendship” and instructed the Vietnamese diaspora to maintain “friendly relations with the Thai people.”
Deputy Minister Nguyen Minh Hang acknowledged that Da Nang is a city with a strategic geographical location, serving as the eastern gateway to the Pacific Ocean of the East-West Economic Corridor connecting Laos and Northeast Thailand and Myanmar. The city boasts a system of infrastructure that has been and is being invested in synchronously and modernly according to international standards. The Da Nang authorities and businesses are proactive and active in expanding international cooperation, attracting investment, and promoting trade and tourism to serve socio-economic development.
Ms. Hang affirmed that the Vietnamese government would continue to facilitate Thai businesses to operate effectively in Vietnam. With the companionship and support of the central ministries and sectors, including the Ministry of Foreign Affairs, and the joint efforts of international friends, partners, and investors, she believes that the localities participating in the Thailand Encounter event in Da Nang will be the priority choice of Thai investors in the coming time.
Silver Joins the Price Hike “Frenzy” with Gold
The precious metals, gold and silver, have been in the spotlight for investors amid ongoing economic turmoil. However, experts are warning of a potential correction in these markets, urging caution for those looking to invest.
The Transport Ministry Proposes Alterations to the Implementation Plan for the Construction of Ho Chi Minh City’s Ring Road 4
The Ministry of Transport has proposed a plan to the Ministry of Planning and Investment and the People’s Committee of Ho Chi Minh City to develop the city’s Ring Road 4. This proposal highlights the ministry’s proactive approach in addressing the city’s infrastructure needs and enhancing its transportation network.
Unlocking Opportunities: The Path to Success in the EU Market
The upcoming visit from Slovenia’s transport and logistics experts offers a strategic opportunity for Vietnamese businesses to strengthen their presence in Southern and Central Europe. This delegation visit opens doors for local enterprises to explore new avenues of collaboration, particularly in terms of accessing fresh routes for the efficient transportation of goods into the heart of the EU market.
The First Cable-Stayed Bridge in Vietnam: Locally Designed and Constructed, Unlocking Provincial Isolation with Domestic Funding.
The project boasts an impressive investment of approximately 1,400 billion VND, with a breakdown of 58% state budget funds and 42% sourced through a Build-Operate-Transfer (BOT) scheme.
What Company Built the UFO-Shaped Cultural Center in Ninh Binh?
The local government of Ninh Binh province has proudly invested in a momentous project, totaling 202 billion VND in investment. This endeavor was successfully completed within a period of nearly three years.
