Thai businesses suffering from the increase of global economic recession are seeking investment opportunities in the Vietnamese market whose labourers are employed at low prices.
According to the Thai Foreign Ministry’s figure, Thailand currently ranks eleventh among foreign investors in Vietnam and second among those who are members of the Association of Southeast Asian Nations (ASEAN).
Many foreign invested projects, including joint ventures with Thailand, are being launched in Hanoi and Ho Chi Minh City.
Other southern provinces such as Binh Duong, Dong Nai and Vung Tau have also attracted investments from the country, focusing on travelling and hotel industry, agricultural chemical products, cattle-feed, motorbike and plastic products manufacturing.
Thailand’s Siam Cement Company and Charoen Pokphand Corporation are among long-term investors who have opened their production establishments in southern Binh Duong province.
The “Bangkok Post” daily said, apart from simplifying investment procedures and credit regulations, Binh Duong plans to build a new city in Thu Dau Mot district and to expand local economic and industrial zones so as to attract more investment capital.
Thai small and medium-sized businesses are likely to have more investment opportunities in Vietnam, especially when the country has participated in the World Trade Organisation (WTO) and is actively opening its domestic market for foreign investors.