Thai investors eye more investment opportunities in Vietnam

Participants at the press conference (Photo: VNA)

Bangkok - 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.

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 important foreign investment markets since its first investment in Vietnam after the country’s policy of doi moi (renewal).

Thai businesses entering Vietnam are growing stronger and their investment is expanding and gaining success, he said.

He highly valued Vietnam's efforts to improve competitiveness and investment and business environment to attract FDI, saying that the success of Thai investors in Vietnam in the next few years will largely depend on continuation of the current investment policy and the support of the Vietnamese Government, and the country’s economic growth.

Meanwhile, Chairman of the TVBC Sanan Angubolkul mentioned a number of reasons for Thai businesses to invest in Vietnam, including political stability, successful control of the COVID-19 epidemic, abundant and quality workforce, and attractive investment incentives, potential domestic market with large purchasing power, and open investment environment.

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.