More Thai businesses eye Vietnam market

(VOV) - Thailand ranks 10th among foreign investors in Vietnam, involved in 257 projects valued at a total of approximately US$6.7 billion.

The figure was released at a Vietnam-Thailand trade exchange held in Ho Chi Minh City on November 2.

Nguyen The Hung, Vice Director of the Vietnam Chamber of Commerce and Industry’s (VCCI) HCM City branch, said trade relations between Vietnam and Thailand have developed strongly. He said the two business communities currently enjoy the best possible conditions to meet, engage, and cooperate with each other in many fields, especially investment and trade.

Vietnamese businesses are seeking our investment opportunities and expanding trade activities in Thailand, said Hung adding that Thai businesses also consider Vietnam a stable market with great potential.

Isares Rattanadilok Na Phuket, Deputy Secretary-General of the Federation of Thai Industries (FTI), said Thai businesses should take advantage of Vietnam’s great potential in human resources, the rapid and constant development of public services, a huge market of 90 million consumers and steady economic growth.

Na Phuket pointed out the areas that Thai businesses can promote and establish partnerships, including food, beverage, garments, pharmaceuticals, seafood processing, and consumer goods.

Two-way trade turnover reached US$8 billion in 2011, up 20.5 percent over 2010. It hit US$3.8 billion in the first five months of this year.

Vietnam primarily exports steel, agricultural products, and seafood products to Thailand, and imports petroleum, material plastics, technical equipment, and motorbike spare parts.