Thailand hopes to become one of the 10 biggest investors of Vietnam in the next two or three years from the 11th ranking at present, the Dau Tu (Investment) newspaper said, quoting President of Thailand-Vietnam Business Council Sanan Angubolkul.
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Illustrative image (Source: http://baodautu.vn)
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President of Thailand-Vietnam Business Council Sanan Angubolkul said at a recent workshop in Hanoi that Thai investment into Vietnam increased around 35 percent from 5.9 billion USD in 2012 to nearly 8 billion USD in mid-2016.
He noted that Thai businesses have mapped out specific plans to increase investment capital in the fields of their strength such as retail, construction material production, thermal power, and cattle feed.
Close to 2,000 Thai businesses have said they want to enter Vietnam while some experienced ones hoped to increase their market shares in the country.
According to Thai Minister of Foreign Affairs Don Pramudwinai, many Thai businesses consider Vietnam their second hometown and want to carry out future business plans in the market.
Thai companies pledged to supply Vietnam with high-quality products and services as they do in the Thai market, he confirmed.
The establishment of the ASEAN Economic Community (AEC) at the end of 2015 serves as a driving force for Thai businesses to pour investment in Vietnam in order to tap not only the 93 million-strong Vietnamese market but also the greater AEC market with a combined population of 600 million.
In addition, the success of major Thai business players in Vietnam, as seen in Central Group’s purchase of Big C Vietnam, Charoen Corp’s acquisition of Metro Cash & Carry, or the booming business of Siam Cement Group (SCG), CP Group, helps persuade potential Thai investors to the country.
CP group, which entered Vietnam in 1988, now dominates the animal feed and meat product market in the country.
Meanwhile, SCG posted 150 million USD in sales in Vietnam in the first quarter of this year, up 17 percent year on year, boosted by its packaging and tile business.
Thammasak Sethaudom, Director General of the SCG Group in Vietnam, said SCG is ready to cooperate with Thai enterprises and Vietnamese partners to create a solid foundation for the bilateral investment activities.
Thai companies also hope to receive support from Vietnam and believe that with better business environment Vietnam will welcome more investors from Thailand, he added./.