Opportunities for Vietnam to draw FDI from Thailand
Thailand’s government is devising policies to support and promote investment abroad, which opens up opportunities for Vietnam to attract Thai foreign direct investment (FDI).
A truck assembling factory in Vietnam (Illustrative image. Source: VNA)
Hanoi (VNA) – Thailand’s government is devising policies to support and pr𝓰omote investment abroad, which open🍬s up opportunities for Vietnam to attract Thai foreign direct investment (FDI).
According to the Ministry of Planning and Investment, Thailand ranks 10 th out of the 115 countries and territories investing in Vietnam.
Statistics from the ministry’s Foreign Investment Agency showed that Thai businesses have invested in 442 projects in Vietnam with total registered capital of over 8 billion USD.
Thai firms have invested in Vietnam since the country implemented its open-door policy to draw overseas investors in 1992.
Vietnam drew the most investment from Thailand in 2006 – 2008 at 5 billion USD, accounting for 21.4 percent of total investment from ASEAN.
Thai investment focused on the processing and manufacturing industry. Thai companies injected more than 7.03 billion USD to carry out 205 projects in this field, making up 87.2 percent of total registered capital. The biggest project was the 3.77-billion-USD southern petrochemical complex.
Recently, Thai enterprises have shifted investment to industrial infrastructure and retail distributions. Notable projects include the joint venture between Thailand ’s AMATA Corporation Public Company Limited and Vietnam’s Sonadezi Services Joint Stock Company, and the 36-million-USD retail project of Mega Market Company Limited in Ho Chi Minh City .
Economists said Thailand and Vietnam are geographically close and share cultural similarities. The two countries’ governments signed an agreement on investment protection and encouragement in February 1992, which helped Thai businesses invest in Vietnam .
Both nations have cooperated effectively at regional and international forums, especially within the ASEAN framework.
The two sides have played an active role in the region and coordinated with other members to build a stronger ASEAN Community.
The Thai government encourages its businesses to invest in Vietnam and the Vietnamese counterpart considers Thailand a significant investment partner.
Vietnam hopes Thai companies will enhance investment collaboration in the country, especifically in infrastructure, construction material, consumer goods, foodstuff, automobile, and agriculture.
The Ministry of Planning and Investment has put forth various measures to draw FDI from Thailand, including launching investment promotion programmes between the two countries, selecting key investment projects, and offering more support for Thai businesses in Vietnam.-VNA
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A truck assembling factory in Vietnam (Illustrative image. Source: VNA)
