Small and medium-sized enterprises from Thailand are increasingly striking up deals with Vietnamese partners to penetrate the local market.
|Thail SMEs showcasing their products at Top Thai Brands 2019 |
Around 500 Vietnamese firms have signed agreements and deals with Thai companies at the recent Top Thai Brands 2019 expo. Banjongjitt Angsusingh, director-general of the Department of International Trade Promotion (DITP) under the Ministry of Commerce, Royal Thai Government, said that the department has aided many small- and medium-sized enterprises (SMEs) to enter the Vietnamese market. Thai banks also set up a presence in Vietnam to provide financial support for Thai SMEs expanding in Vietnam.
Top Thai Brands 2019 has attracted more than 200 exhibitors to explore the possibility of doing business in Vietnam. The expo showcases a wide range of quality branded products and services from Thailand, ranging from food and beverages, home appliances and household products, and beauty products and cosmetics to health and well-being.
She noted that more Thai brands are visiting Vietnam to look for business opportunities. Some brands have learnt of the taste of Vietnamese consumers and then altered their products to meet the local demand. The products at Top Thai Brands 2019 were created through new production technology with natural ingredients to protect consumers’ health.
According to Angsusingh, it would be very easy to build on Vietnam and Thailand's proximity and close, cordial relations. At present, trade and investment relations between the two countries are strong and keep growing. Bilateral trade turnover in 2018 has reached $18.7 billion. Thailand’s accumulated direct investment in Vietnam also amounted to more than $10.4 billion until now, placing among the top ten largest foreign direct investors in Vietnam.
Those figures are expected to surge up with our leaders having reaffirmed at the latest Thailand-Vietnam Joint Cabinet Retreat the two sides' commitment to promote enhanced partnership for peace and prosperity. Also, both sides agreed on achieving the bilateral trade turnover target of $20 billion by 2020 with an emphasis on the promotion of trade facilitation and investment.
By Thanh Van