6 June 2024

The Thai Chamber of Commerce has set a target to increase bilateral trade between Thailand and Vietnam to US$25 billion next year, with the expectation that young entrepreneurs and start-ups in the two countries will play an increasing role in achieving this, according to Sanan Angubolkul, chairman of the Thai Chamber of Commerce (TCC) and Board of Trade.

Speaking at the Thailand-Vietnam business forum 2023, Sanan said that, this year, the TCC has emphasised cooperation and relationships between young entrepreneurs and start-ups, the exchange of information and ideas on technology and innovations, as well as investment in start-ups between the two countries.

Sanan said that young entrepreneurs and start-ups will not just be the “heart and soul” of the economy in the future, but a vehicle which will carry the two countries towards change and new innovations, noting that the investment atmosphere is healthy with political stability.

He said that the two sides will strive to facilitate trade between Thailand and Vietnam and do away with trade barriers through supply chains, while boosting the grass root economy, local entrepreneurs in Thailand’s northeast and Vietnam’s central and southern regions and the green economy.

Thanakrit Sermsuksan, TCC vice chairman and strategic chief of the Thai Start-up Association, said that the partnership of Thai and Vietnamese start-ups will strengthen the economy of the two countries and, in the future, ASEAN.

He claimed that Thailand is among the top countries regarding online purchases, in proportion with its population, and ranks second in the world for time spent on smart phones and mobile payment transactions.

He said he believes about 200 Thai start-ups are capable of bringing up to 30 billion baht into the Thai economy.

By the year 2040, he said ASEAN will become the world’s 4th largest market and Thai traders will not need to go beyond ASEAN to sell their products.