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On March 25, Vietnam Embassy to Thailand coordinated with the Federation of Thai Industries, Thai-Vietnam Business Council, and Binh Duong People's Committee to hold Virtual Conference on attracting investment to Binh Duong. (Photo: TG&VN)

The conference welcomed Vietnam's Ambassador to Thailand Phan Chi Thanh, Vice Chairman of Binh Duong People's Committee Nguyen Thanh Truc, President of Thai Chamber of Commerce and Thai-Vietnam Business Council Sanan Angulbokul, Vice Chairman of the Federation of Thai Industries Apichit Prasoprat, as well as consulting experts from Deloitte and Bangkok Bank.

The conference, which was included in the event series to celebrate Vietnam - Thailand's 45th anniversary of diplomatic relations establishment (1976-2021), was also attended by more than 130 Vietnamese and Thai enterprises.

According to the Vice-Chairman of Binh Duong People's Committee, Mr. Nguyen Thanh Truc, Thailand is currently Vietnam's 9th biggest investment partner with more than 600 projects in various fields, such as industrial zones, smart city, high-tech agriculture, renewable energy, petrochemical, food, and beverage processing and producing. He affirmed that Binh Dinh had been putting attempts to improve the investment environment, enhance competitiveness, and support enterprises in the locality.

The conference, which was included in the event series to celebrate Vietnam - Thailand's 45th anniversary of diplomatic relations establishment (1976-2021), was also attended by more than 130 Vietnamese and Thai enterprises. (Photo: TG&VN)

The total investment in Binh Duong has now reached 35,8 billion US dollars, in which investment from Thailand accounts for 647 million dollars covering 39 projects, ranks 13 out of 65 countries and territories that have invested in the province.

Mr. Sanan Angulbokul, President of Thai Chamber of Commerce and Thai-Vietnam Business Council, and Mr. Apichit Prasoprat, Vice-Chairman of the Federation of Thai Industries both affirmed that Vietnam played an important role in Thailand's development, as the two countries were ASEAN members and enjoyed a Strategic Partnership. They highly evaluated Vietnam's economic development and investment environment prospect, saying that Vietnam's stable politic, good control over COVID-19, sustainable and thriving economic development is one of a few countries that remain positive economic development against COVID were factors to ensure foreign investors' trust.

Mr. Sanan Angulbokul said that Vietnam's domestic market held more potential than Thailand's, thanks to its 100-million population, growing middle class, quick urbanization, which increase citizens' purchasing ability and promote startup, especially in the field of technology. Vietnam's high labor force participation rate and reasonable labor cost help to reduce production costs from 10 to 30% lower than Thailand in many fields.

Consulting experts spoke highly of Vietnam's advantages, especially an investment environment that was improving to benefit foreign enterprises. (Photo: TG&VN)

In addition, Vietnam's participation in FTAs with most global big commercial centers, especially CPTPP, EVFTA, and RCEP is highlight that brings benefits to the country's investment and export.

Consulting experts spoke highly of Vietnam's advantages, especially an investment environment that was improving to benefit foreign enterprises. Thai companies investing in Vietnam said that the country had every factor to attract foreign investors and that its investment conditions would keep on improving to create better conditions for investment and business activities.

In his remarks, Vietnam Ambassador to Thailand Phan Chi Thanh affirmed that FDI remained Vietnam's great driving-force to development in the coming years as the country heading towards the goal of becoming a middle-income industrial country in 2030 according to the Socio-Economic Development Strategy for 2021-2030 passed by the XIII Party Congress.

Ambassador Phan Chi Thanh emphasized that Binh Duong province was a bright spot in FDI attraction, ranking third after Hanoi and Ho Chi Minh City. Binh Duong has great advantages such as a favorable geographical location, adjacent to the largest economic center of Vietnam, Ho Chi Minh City, with developed infrastructure, abundant human resources, and transparent investment policies.

Based on that foundation, the Ambassador hoped that after this seminar, Thai investors would soon seize new business opportunities in Binh Duong, so that efficient decisions on project deployment in the context of COVID-19 would be made.

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