Thai companies will continue to ramp up investments in Vietnam in order to make Thailand among the ten largest investors here in the coming two to three years, said Thai Minister of Foreign Affairs Don Pramudwinai has affirmed.
The Thai minister made the statement at a recent conference themed “Thailand-Vietnam: Fostering economic cooperation for shared prosperity” in Hanoi.
As of the end of 2015, Thailand had poured $7.36 billion in direct investments projects in Vietnam, positioning itself the 11th largest among 110 countries and territories investing in the country, according to statistics of the Foreign Investment Agency under Vietnam’s Ministry of Planning and Investment.
Thailand-Vietnam trade has grown over 40% in the past five years and, even with the current unpredictable trends in the global economy, grew almost 10% to reach almost $13 billion in 2015.
“This reflects the solid foundation of our economic relations and strong complementarities between our two economies. It is not difficult to envision that both countries will be able to work together to increase trade value to the shared target of $20 billion by 2020,” said the minister.
Thai enterprises are keen on investing in businesses ranging from manufacturing, services, tourism to finance. Thai firms’ sizable merger and acquisition deals in Vietnam have proven their increasing interest in doing business in Vietnam.
Thailand’s agribusiness CP Group, industrial real estate developer Amata Group and construction materials manufacturer SCG
have rapidly increasing their footholds in Vietnam. Lately, Central Group has acquired Casino Group’s grocery chain Big C Vietnam for $1.04 billion.
On behalf of Thai private sector in Vietnam, Mr. Thammasak Sethaudom, representative of SCG executive country director said SCG was ready to cooperate with Thai enterprises and Vietnam partners to establish a sustainable foundation for the economic cooperation between the two countries.
Other Thai companies including Green Siam Marketing, TRI Global, Pharmaceutical Industry, CT Industry, NMB-Minebea Thai and Gates Unitta have seen high potential of the Vietnamese market and plan to expand their operation in the country, according to the Vietnam Investment Review.