Thai officials highlighted numerous opportunities for their country’s entrepreneurs to do business and trade with Vietnam, at a workshop held in Bangkok on September 22.
Thai Minister of Finance Arkhom Termpittayapaisith said the global economic recovery after the COVID-19 pandemic has generated new trade chances, especially in a new market like Vietnam which boasts much economic potential with a population of nearly 100 million and an annual growth expected at about 7%.
Vietnam is the fourth largest importer of Thai products after the US, China and Japan while ranking 10th among the exporters to Thailand. Bilateral trade surged nearly 20% annually to some US$20 billion at present, from US$150 million in 1992.
The Vietnamese Government has been strongly facilitating free trade and foreign direct investment to turn the country into a promising destination for foreign investors, he said, noting that Thailand now stands 8th among the foreign investors in Vietnam.
Given this, Thai entrepreneurs should actively expand partnerships with Vietnamese firms, in both trade and investment, the minister added.
Rak Vorrakitpokatorn, President of the Export - Import Bank of Thailand (EXIM Thailand), shared the view that there are multiple opportunities for Thai entrepreneurs in new markets like Vietnam, which has political and economic ties with many countries in the world.
EXIM Thailand has helped with investments worth over THB17.3 billion (US$463 million) into some sectors in Vietnam such as clean energy, petrochemistry, wholesale, and retail.
Thailand has potential for filling in the gap in supply chains in Vietnam and the world, he said, pledging that his bank is completely ready to cooperate with the State and private sectors to assist Thai entrepreneurs to confidently start or expand business in global markets.
He suggested that they could begin in Vietnam and stretch their reach to other markets to promote sustainable development in the region and the world at large.