Its main imports from Thailand were machinery, oil and gas, auto parts, animal feed, and pharmaceuticals. — Photo autopro

HCM CITY (Biz Hub)— Viet Nam and Thailand target 20 per cent annual growth in trade, hoping to increase it to US$15 billion by 2020, the Viet Nam Chamber of Commerce and Industry said.

At a Viet Nam – Thailand Business Meeting held in HCM City yesterday, Nguyen The Hung, deputy director of the VCCI's HCM City chapter, said last year Thailand became Viet Nam's biggest trade partner in ASEAN after trade growth rose 9 per cent to $9.4 billion.

In January this year he said trade was worth $1.4 billion of which Viet Nam's exports - mostly mobile phones and accessories, steel, and seafood - accounted for nearly $500 million.

Its main imports from Thailand were machinery, oil and gas, auto parts, animal feed, and pharmaceuticals.

Hung said the two countries have great untapped potential in trade, and many promotional programmes have been organised with an eye on this.

For instance, a delegation of 10 Thai food companies yesterday came to HCM City to show off their products and look for partners.

Prasatsuk Niyomrat, an official in Thailand's Department of Industrial Promotion, said the visit was also meant to obtain information for Thailand's small and medium-sized enterprises about regional markets ahead of the formation of the ASEAN Economic Community in 2015. — VNS