A worker transports paper rolls at Vina Kraft Paper Factory, a joint venture between Thailand's Siam Kraft Industry Co under SCG Packaging and Japan's Rengo Co in southern Binh Duong Province's My Phuoc 3 Industrial Zone. - VNS Photo

HA NOI (Biz Hub) – Viet Nam and Thailand needed to strengthen co-operation to seize the opportunities that global economic trends presented to the two countries, Thailand's Minister of Foreign Affairs Don Pramudwinai has said.

This requires stronger collaboration between the two governments, the governments and business sectors, and the two business communities as well.

Pramudwinai made this statement during a press meeting hosted by Thailand-Viet Nam Business Council on Friday in Ha Noi.

Bilateral trade has grown over 40 per cent over past five years despite unpredictable trends in the global economy. Trade hit US$13 billion in 2015.

"This reflects the solid foundation of our economic relations and strong complementarities between our two economies. Both countries will be able to work together to increase trade value to the shared target of $20 billion by 2020," he said.

Besides trade, investment relations between the two nations has continued to rise. Over the years, Thai companies have expanded their investments in Viet Nam, he said.

The latest report from the Foreign Investment Agency revealed that as of June 2016, Thai investments in Viet Nam had totalled more than $9 billion, ranking 10th among 116 countries and territories investing in the country.

During the event, Vice President of the Thai Business Association in Viet Nam, Tussin Mahamongkol emphasised the importance of small-and medium-sized enterprises (SMEs) in two-way economic co-ordination.

This SME sector, if well facilitated, could make a great contribution towards enhancing bilateral commercial relationships, he said.

On behalf of the Thai private sector, Thammasak Sethaudom from SCG Group in Viet Nam, said his company was ready to co-operate with Thai enterprises and Viet Nam's partners to establish a sustainable foundation for the economic co-operation between the two countries.

Over the past 20 years in Viet Nam, SCG makes efforts to invest in advanced technology and management system to comply with Vietnamese Government's requirements for environment standards, to create more than 6,900 local jobs and to contribute to local communities through various corporate social responsibility projects. – VNS