Thai investors keen on future business opportunities in Vietnam

Representatives from the Vietnam Embassy in Thailand, the Thailand-Vietnam Business Council, and Amata Vietnam Company at the event

The function was jointly held by the Vietnam Embassy in Thailand, the Thailand-Vietnam Business Council, and Amata Vietnam Company Ltd.

During the occasion, Vietnamese Ambassador to Thailand Phan Chi Thanh briefed participants on the country’s recent economic achievements and the ongoing 13th National Party Congress, which is expected to adopt important documents aimed at transforming Vietnam into a modern industrialised country with high middle income by 2030, along with becoming a developed country by 2045.

Ambassador Thanh emphasised the need to attract a large amount of foreign investment, between US$200 and US$300 billion during the 2021 to 2030 period, in order to fulfill the target.

At present, Thai businesses rank ninth out of 139 countries and territories investing in Vietnam, with firms from the neighbouring country anticipated to seize opportunities to expand their investment activities moving forward.

Furthermore, the Vietnamese diplomat described the nation as a successful and safe destination for foreign investors, with impressive positive growth of 2.91% achieved last year despite disruption to global supply chains caused by the novel coronavirus (COVID-19) pandemic.

Most notably, the country became one of the fastest growing economies globally throughout the 2016 to 2020 period with an average growth of 5.9%.

Thai businesses have so far poured US$12.84 billion into 600 projects in Vietnam, including in fields such as infrastructure, industrial parks, high technology, energy, agriculture, environment, electronics, real estate, and agriculture, serving to turn Thailand into a major investor in the nation.

Ambassador Thanh affirmed Vietnamese determination to continue to making strategic breakthroughs in an effort to accelerate the extensive international integration process whilst improving the local business environment.

Former Thai Ambassador to Vietnam Tanee Sangrat, who is also Director General of the Department of Information and Spokesman of the Foreign Ministry of Thailand, responded by declaring Vietnam to be one of Thailand's most important foreign investment markets. Indeed, Thai businesses have been hugely satisfied with their operations in Vietnam , with several Thai brands subsequently becoming popular within the Vietnamese market.

Sangrat notes his great appreciation for Vietnamese efforts to improve competitiveness in comparison with other countries, with the Provincial Competitiveness Index (PCI) significantly increasing over recent years.

Sanan Angubolkul, chairman of the Thai-Vietnam Business Council, attributed the keen interest in investment opportunities in Vietnam shown by Thai businesses to political stability, successful containment efforts of COVID-19 outbreaks, an abundant workforce, investment incentives, high purchasing power, and an open investment environment.

As part of the occasion, Angubolkul cabled a congratulatory message to the 13th National Party Congress, outlining his belief that mutual relations will reap greater benefits that can ultimately make significant contributions to the development of both countries.