Thailand and Vietnam signs MoU in MICE Business to prepare for AEC in 2015

ASIA – As the ASEAN Economic Community (AEC) prepares for formation in 2015, the Thailand Convention and Exhibition Bureau (TCEB) has signed a Memorandum of Understanding (MoU) with the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi on 16 March.
 
The AEC is a goal of regional economic integration by 2015, with the aim of a single market and production base.
 
The MoU is in line with TCEB’s ‘MICE Collaboration’ strategic plans aimed at promoting the MICE industry in the Association of Southeast Asian Nations (ASEAN) region. It prepares the way to establish a long-term mutually purposeful affiliation in five sectors: bilateral trade missions, facilitation in meetings and trade events delegates, support in cross-promotion, exchanging market surveys in ASEAN, and mutually providing both financial and non-financial support.
 
“As a government agency dedicated to supporting the MICE industry, TCEB is keenly aware of the importance of regional cooperation to boost the growth of the industry,” TCEB Director of Exhibitions, Supawan Teerarat, said. “We expect the forthcoming economic integration within ASEAN in 2015 to drive a major expansion of the MICE industry in Southeast Asia, and it is therefore crucial to develop multifaceted bilateral cooperation with other member countries.”
 
According to the Royal Thai Ministry of Commerce, economic co-operation between the two nations is rising. Bilateral trade increased by 25 per cent in 2011 and achieved US$9bn in which Vietnam’s export to Thailand increased by 45 per cent. Thailand has over 230 investment projects in the pipeline in Vietnam, ranking in the top 10 countries and territories investing into Vietnam.
 
In term of the MICE business, Vietnam is one of the dominant markets to Thailand especially in the exhibitions industry. In addition, TCEB this year, has broadened its prospect in the ‘meetings industry’ in Vietnam. This is due to the fact that the industry has shown the respectively growth in the past few years.
 
The Country and City Rankings Report 2010 by the International Congress and Convention Association (ICCA) revealed that Thailand and Vietnam remain a high potential market for the MICE industry in Asia Pacific and Middle East. Thailand ranked ninth while Vietnam ranked 13th.
 
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