Vietnam and Thailand are the important countries of Southeast Asia. Both countries have 99.4 million and 71.8 million population, respectively. Despite the differences on some matters, Thailand and Vietnam are key trade partners of each other and have high literacy rates. The population of both countries is highly tech-savvy and well-educated. Both neighbors have industries that are leading the world with quality and affordable products, including chips and other tech parts.
Digital representation in the form of websites and social media platforms has become a prerequisite for all businesses. Vietnamese translation services are especially popular in bridging the linguistic gap for the businesses and brands of Thailand and Vietnam. Speaking of Vietnam, it’s a country with a young population. According to the Vietnam National Youth Committee, the number of Vietnamese gaming communities has increased to 3.99 million gamers. This indicates the tech-savvy inclinations of the young and ambitious population of Vietnam.
In this short read, we are going to discuss the growing cooperation between the two countries and how translation facilitates smooth communication.
Impact of Globalization
The general idea of globalization is that distant nations can build mutual trade relations irrespective of geographical locations and linguistic and cultural barriers. But another important aspect of globalization is that it puts pressure on the traditionally rival neighboring countries to benefit from the cheap products and services of each other. This phenomenon is currently evident in the growing economies.
For instance, Saudi Arabia and Turkey have become friends again. You know why? Because of trade and business benefits. In 2023, China-US import and export volumes were USD 427.2 billion and USD 147.8 billion respectively. Likewise, Thailand and Vietnam also prefer business growth over historic disputes. This is the beauty of globalization. Countries like Vietnam and Thailand are moving on with investment and mutual growth-led economic policies. No country wants to miss out on the chances of economic progression, and neighboring countries can cut the taxes and delivery costs of goods and services and increase profits.
Key Factors Behind the Increasing Thai-Vietnamese Cooperation
There are many examples of these kinds of relations in which both countries agree to step aside their differences and continue bilateral trade and business relations. National and international pressure for economic development and cheap available rates are prime factors for increasing cooperation between Thailand and Vietnam. Furthermore, the leaders of both countries agreed upon the vision of Vietnam-Thailand Enhanced Strategic Partnership 2022-2027.
Below are the common economic fronts of Vietnam and Thailand.
ASEAN Free Trade Agreement (AFTA)
AFTA is a deal between a group of 10 countries in the Southeast Asia. And this includes Vietnam and Thailand as well. Under AFTA agreement, these countries work together to promote trade between them.
Regional Comprehensive Economic Partnership (RCEP)
The establishment of RCEP is focused on the reduction of Double Tax, facilitation of bilateral investment, and data security.
Increasing Investments of Thailand in Vietnam and Trade Opportunities
Thailand is a growing nation, and its leadership has moved on from the past shackles. The growing Thai capital investment shows the increased trust and favorable economic relations between both countries. Recently, Thailand’s prominent bank SCP X Public Company Limited (SCBX) credited $860 million to Vietnam for multiple real estate projects. Moreover, the Thai Ambassador to Vietnam, Nikorandej Balankura announced that Thailand is the largest trade partner of ASEAN countries. He further added,
Thailand has become the 9th country that is investing in Vietnam. In 2024, the number of Thai projects in Vietnam tripled from 295 to 735 projects, accounting for 14 billion USD.
“Looking ahead, numerous promising prospects are expected in 2024 for Thailand and Vietnam as both sides join hands in paving the way for the elevation of their relations to a new height of a Comprehensive Strategic Partnership, which will contribute to comprehensively strengthening and deepening bilateral relations as well as sub–regional and regional stability and prosperity.” (Nikorandej Balankura, Thai Ambassador to Vietnam)
Importance of Vietnamese and Thai Translation Services
For the establishment of transparent and long-term business relations, the role of communication is pivotal. The exponential investment of Thailand made it the 9th largest investor in Vietnam. To ensure professional communication between the Vietnam and Thailand-based companies, Vietnamese and Thai translation services play an active part for mutual business growth. These services are the unsung heroes for globalized positive economic trends.
Takeaways
The economies of Vietnam and Thailand are growing really fast. Which means it’s a great chance for global investors to participate in economic investment and regional development. Businesses and companies in the Southeast Asia are turning to language service providers to handle the language and cultural differences. These translation service providers are strengthening bilateral relations and empowering regional economic growth. And when it comes to Vietnamese and Thai trade relations, both Thai and Vietnamese translation services are very helpful.
Madylinks Seo Agency 
Qamer Javed 
Abdul Basit