Thai investors interested in business opportunities in Vietnam

Investment opportunities were at centre stage of a press conference held in Bangkok, on January 26 as part of a series of events marking the 45th anniversary of diplomatic relations between Thailand and Vietnam. Vietnam is still a destination for foreign investment, including Thailand because it is a large and growing market, said the Spokesman of the Foreign Ministry of Thailand.
January 27, 2021 | 13:49
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Representatives from the Vietnam Embassy in Thailand, the Thailand-Vietnam Business Council, and Amata Vietnam Company at the event. Photo: VOV

The function was jointly held by the Vietnam Embassy in Thailand, the Thailand-Vietnam Business Council, and Amata Vietnam Company Ltd.

During the occasion, Vietnamese Ambassador to Thailand Phan Chi Thanh briefed participants on the country’s recent economic achievements and the ongoing 13th National Party Congress, which is expected to adopt important documents aimed at transforming Vietnam into a modern industrialised country with high middle income by 2030, along with becoming a developed country by 2045.

Ambassador Thanh emphasised the need to attract a large amount of foreign investment, between US$200 and US$300 billion during the 2021 to 2030 period, in order to fulfill the target, reported VOV.

Addressing at a press conference themed “Golden opportunity for Thai investors in Vietnam” jointly held by the Vietnamese Embassy in Thailand, the Thailand-Vietnam Business Council (TVBC) and Amata Vietnam Public Company Limited on January 26, Tannee Sangrat, who is also former Thai Ambassador to Vietnam, affirmed that Vietnam has been one of Thailand's most importantforeign investment markets since its first investment in Vietnam after the country’s policy of Doi moi (renewal).

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Participants at the press conference (Photo: VNA)

Vietnam is still a destination for foreign investment, including Thailand because it is a large and growing market, Tanee Sangrat, Director General of the Department of Information and Spokesman of the Foreign Ministry of Thailand, has said.

At present, Thai businesses rank ninth out of 139 countries and territories investing in Vietnam, with firms from the neighbouring country anticipated to seize opportunities to expand their investment activities moving forward.

Furthermore, the Vietnamese diplomat described the nation as a successful and safe destination for foreign investors, with impressive positive growth of 2.91% achieved last year despite disruption to global supply chains caused by the novel coronavirus (COVID-19) pandemic.

Most notably, the country became one of the fastest growing economies globally throughout the 2016 to 2020 period with an average growth of 5.9%.

Thai businesses have so far poured US$12.84 billion into 600 projects in Vietnam, including in fields such as infrastructure, industrial parks, high technology, energy, agriculture, environment, electronics, real estate, and agriculture, serving to turn Thailand into a major investor in the nation.

Ambassador Thanh affirmed Vietnamese determination to continue to making strategic breakthroughs in an effort to accelerate the extensive international integration process whilst improving the local business environment.

Sanan Angubolkul, chairman of the Thai-Vietnam Business Council, attributed the keen interest in investment opportunities in Vietnam shown by Thai businesses to political stability, successful containment efforts of COVID-19 outbreaks, an abundant workforce, investment incentives, high purchasing power, and an open investment environment.

As part of the occasion, Angubolkul cabled a congratulatory message to the 13th National Party Congress, outlining his belief that mutual relations will reap greater benefits that can ultimately make significant contributions to the development of both countries.

Vietnam has joined 17 free trade agreements (FTAs) with 55 countries, and new generation FTAs such as the European Union - Vietnam Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreement, and the Regional Comprehensive Economic Partnership (RCEP), have helped create new opportunities for Vietnamese exports, he said.

Thai businesses need to take advantage of these to set up manufacturing factories in Vietnam for export, he added.

Ambassador Phan Chi Thanh briefed participants on Vietnam’s economic achievements in recent times and its socio-economic development goals in the next ten years.

Vietnam needs to mobilise about 200-300 billion USD of foreign investment in the 2021 - 2030 period, he said.

He spoke highly of success of Thai business operating in Vietnam, describing it as a vivid manifestation of long-term cooperation between the two countries.

According to Thanh, Thailand currently ranks the 9th biggest investment partner of Vietnam with 603 FDI projects worth 13 billion USD, and investment flows from Thailand to Vietnam is expected to strongly increase in the coming time.

He affirmed that Vietnam is a successful and safe destination for foreign investors, especially in the context of supply chain disruptions due to trade tensions and the COVID-19 pandemic.

Somhatai Panichewa - General Director and Chief Executive Officer of Amata Vietnam Plc (AMATAV), said in the perspective of an industrial estate developer in Vietnam, the company believes in the growth of Vietnam.

The Thai firm has so far operated six projects with a total investment of about 840 million USD in Vietnam.

Through the global business disruption due to the COVID-19 pandemic, Vietnam was among very few countries in the world enjoyed positive economic growth (GDP) of 2.91 percent in 2020. The country’s economic outlook for 2021 is bright with GDP of 6.5-7 percent as expected by international financial organizations such as the World Bank, the International Monety Fund and ASEAN Development Bank.

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