Forum connects Vietnamese SMEs network with OV businesses in Thailand

At a Thai goods fair in Vietnam

The purpose of the forum is to create opportunities for localities and small and medium enterprises in Hanoi to promote investment and business potential with overseas Vietnamese firms. This can be done while creating a direct connection between both sides’ enterprises in potential fields such as trade and tourism, along with imports and exports.

As part of her address at the forum, Le Thi Thu Hang, assistant to the Minister of Foreign Affairs and director of the Press Information Department, said that Thailand represents the country’s largest trading partner in ASEAN, as well as being the largest Vietnamese export market in ASEAN and the ninth largest investor.

The two countries both boast dynamic economies and share similarities in terms consumption habits, products and services. This means that they still have plenty of room for further promoting bilateral trade and co-operation in areas such as energy, logistics, finance, agriculture, and investment.

She went on to asses that the role, stature, and prestige of the Vietnamese community in Thailand continues to grow. Indeed, the size and number of their enterprises and business establishments, as well as the industries they are operating in, are also in the process of growing. The community has contributed to both the homeland and the host country, thereby serving as a friendship bridge between both nations.

Underscoring the importance that the Party and State places on OVs, Hang expressed her hope that OV entrepreneurs in Thailand will consider expanding the distribution of Vietnamese goods there and help to attract high-quality investment from Thailand to the homeland.

Vietnamese Ambassador to Thailand Phan Chi Thanh said there are approximately 1,000 businesses setup by OVs, mainly small and medium-sized firms, which operate in different sectors in Thailand. Many of them have enjoyed successes, with some expanding operations to other countries, including Vietnam.

The countries’ leaders are targeting bilateral trade of US$25 billion by 2025, rising from US$19.5 billion in 2021. This figure stood at US$5 billion in 2022. Therefore, there remains huge room to boost investment and trade ties, with the target being achievable if locality-to-locality and business-to-business connections are promoted, he said.

During the course of the forum, the VINASME and the Thai-Vietnamese Entrepreneurs Association signed a co-operation agreement. In total, 20 co-operation deals were also inked by the two sides’ businesses in different industries, including garments, tourism-hospitality, and high-tech agriculture.

From July 3 to July 10, the State Committee for Overseas Vietnamese co-ordinated with the Vietnamese Embassy in Thailand to launch a programme connecting OV entrepreneurs in Thailand with five localities, namely Da Nang, Quang Nam, Kien Giang, Ho Chi Minh City, and Bac Giang.