Speaking at a business meeting held by VCCI, the Thai Consulate and the Thai Trade Centre in Ho Chi Minh City, Tuan said that bilateral trade had grown rapidly in the past few years, reaching nearly $9.5 billion (about Bt300 billion) last year.

For the first half of this year, bilateral trade was $5 billion, with Thailand enjoying a trade surplus, he added.

The meeting was attended by a delegation from 20 Thai companies who were in Vietnam to seek business opportunities. The Thai enterprises specialise in producing health food, yarn, fabrics, clothes, and sea and inland transport vehicles.

Many of the Thai companies want to set up joint ventures with Vietnamese companies or are looking for importers.

Thaiwahknit Wear Co, which specialises in making sportswear, women's blouses, functional fabric and accessories, golf wear and bike wear, for instance, is seeking importers and distributors to expand business in Vietnam.

Malinee Harnboonsong, commercial counsellor of the Thai Consulate and director of the Thai Trade Centre in Ho Chi Minh City, said many Thai businesses wanted to develop long-term cooperation with Vietnamese partners.

Tuan said Vietnam was currently Thailand's second-largest trading partner in the Asean region. However, bilateral trade was still low compared with the potential of the two countries.

Vietnam's trade deficit with Thailand remains high. He also called on business communities to make more effort to increase bilateral trade.

Vietnam imports plastic materials, automotive and motorbike spare parts, household electrical products, fuel, chemicals, and fabrics from Thailand. It exports telephones, crude oil, steel, seafood and computers to Thailand.

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Thai firms seeking new opportunities in Vietnam