Fruitful results reported from 3rd Vietnamese-Thai Cabinets' Retreat

BANGKOK, July 23 (TNA) - Fruitful results have been reported from the 3rd Vietnamese-Thai Cabinets' Retreat, hosted by Thailand, including, among others, agreements to boost bilateral trade to 20 billion US dollars by 2020 and not to allow a third party to use the territory of each other country as a springboard to launch any attack. Visiting Vietnamese Prime Minister Nguyen Tan Dung and his Thai counterpart General Prayut Chan-ocha jointly told a press conference on the results of the informal joint Vietnamese-Thai Cabinets' meeting in Bangkok on Thursday, announcing that both sides agreed to boost two-way trade value to 20 billion US dollars by 2020 through eradicating trade barriers, promoting the use of both countries’ currencies in financial transactions, setting up an informal mechanism to protect and promote bilateral investment and encouraging the private sector to open commercial banks in both countries. Presently, two-way trade between Vietnam and Thailand stands at about 15 billion US dollars. In an attempt to further strengthen ties, both sides also agreed to speedily develop land, sea and air transport connectivity in order to promote bilateral trade, investment and tourism. The two member countries of the Association of Southeast Asian Nations (ASEAN) agreed as well to accelerate bus services between Vietnam and Thailand's Northeast, develop shipping along southern Vietnam and eastern Thailand through Cambodia and increase flight frequencies between the two ASEAN member countries. The Vietnamese prime minister, who is on a one-day official visit to Thailand on July 23, stressed on positive relations between Hanoi and Bangkok, insisting that both nations not allow any party to attack the other country, while the two countries adhere to the 26th ASEAN Summit, held in Kuala Lumpur, Malaysia's capital, in late April 2015 on disputes in the East Sea. The Vietnamese and Thai prime ministers also witnessed the signing of five bilateral agreements, designed for strengthening relations between the two countries. They included a joint communiqué on the 3rd Joint Vietnamese-Thai Cabinets' Retreat, memoranda of understanding on labour cooperation and employment, as well as on the establishment of sister cities between Vietnam’s Kontum Province and Thailand’s northeastern Ubon Ratchathani Province and between Vietnam's Long An Province and Thailand's eastern Trat Province. (TNA)