Ambassador Mai Phan Dung, Permanent Representative of Vietnam to the United Nations, the World Trade Organization, and other international organizations in Geneva participated in the ninth trade policy review of Thailand on December 1.

Speaking at the meeting, the Vietnamese diplomat congratulated Thailand on its noteworthy economic achievements and development progress.

Ambassador Mai Phan Dung highlighted Thailand’s status as a high-middle-income economy and one of Asia’s largest economies, with a gross domestic product (GDP) of nearly US$526 billion and a trade-to-GDP ratio rising from around 98% in 2020 to approximately 137% in 2024, reflecting the country’s deep integration into global markets.

Statistics show that in 2024, Thailand ranked among the top ten Asian countries in trade exchange, and globally, it was 27th in exports and 23rd in imports. Thailand demonstrated resilience despite economic and trade fluctuations such as the COVID-19 pandemic, global supply disruptions, and changes in trade policies by some economies, with exports totaling about US$300 billion and imports nearly US$308 billion.

Foreign direct investment (FDI) continues to play a key role in Thailand’s economy. In 2024, the country attracted more than US$10 billion in FDI, equivalent to nearly 2% of GDP. Total FDI in Thailand rose about 20% to nearly US$353 billion, representing 67% of GDP, concentrated in manufacturing and financial services. Thailand’s outward investment is also notable, expanding to several countries including Vietnam, primarily in manufacturing, finance, insurance, wholesale, and retail sectors.

Regarding trade defence measures, it is notable that Thailand has applied anti-dumping measures on steel products targeting exporters in the Asian region. Vietnam called on Thailand to ensure that investigations and enforcement of anti-dumping measures are conducted objectively and transparently, in full compliance with the WTO Anti-Dumping Agreement, and to consider lifting such measures to facilitate Vietnamese exports.

At the multilateral level, Ambassador Mai Phan Dung acknowledged and commended Thailand’s strong support for the World Trade Organization (WTO) and the rules-based multilateral trading system. Thailand is an active WTO member, participating in numerous joint initiatives and contributing to predictability and stability that benefit businesses and consumers worldwide.

On regional and bilateral relations, building on the ASEAN framework and existing free trade agreements (FTAs) such as the Regional Comprehensive Economic Partnership (RCEP) and other ASEAN+ FTAs, bilateral cooperation across multiple areas, including trade, investment, support for small and medium-sized enterprises, and trade defense measures, has been strengthened, becoming a model for close bilateral relations. Trade relations between Vietnam and Thailand are among the most successful economic cooperation models in ASEAN.

Based on political trust and dynamic trade ties, both sides have demonstrated that regional cooperation is key to shared prosperity. Vietnam looks forward to continuing close cooperation with Thailand to maximize the benefits of existing FTAs and other cooperative frameworks for the prosperity of businesses and citizens.

Ahead of the review, in coordination with relevant agencies of the Ministry of Industry and Trade, the Permanent Mission of Vietnam to Geneva submitted questions regarding Thailand’s trade policy review reports. The mission also actively coordinated with ASEAN delegations to deliver a joint statement, acknowledging Thailand’s role within ASEAN and at the WTO.

Source: VOV