At the Thailand-Vietnam Investor Connection event organized by IPA Vietnam and the Thailand Board of Investment (BOI) on the evening of August 28, Mr. Narucha Ruchuphan, BOI Deputy Secretary-General, shared that Vietnam is one of the markets that Thai businesses are particularly interested in at present.
“As one of the fastest-growing economies in the region, Vietnam has become a destination for international businesses and foreign investment. Many of Vietnam’s current business conditions are very positive, such as a stable political system, high economic growth and market growth, a young and skilled labor force, the benefits of trade agreements, and a relatively open FDI environment,” Mr. Narucha Ruchuphan assessed.
Accompanying BOI on this investment and business survey trip to Vietnam are 25 businesses, mainly from the fields of mechanics, energy, plastics, and consumer goods. Many businesses expect cooperation investment and business opportunities after this survey trip.
Statistics show that in the first half of 2024, foreign investors continued to pour capital into Vietnam, including Thai investors with a total registered capital of about $100 million. Cumulatively, as of June 2024, the total capital invested by Thai investors in Vietnam reached about $14.1 billion, ranking 9th out of 144 countries and territories investing in Vietnam.
Thai investors mainly invest in the processing and manufacturing industry, with $10.46 billion, accounting for 74% of the total investment capital. Next is the electrical, water, and air conditioning repair sector, with $1.18 billion, or 8% of the total investment capital. The rest is invested in real estate, wholesale and retail, agriculture and seafood…
With the success in Vietnam, in recent years, many large Thai companies such as TCC Group, ThaiBev, Central Group, and CP Group have expanded their investment and business. Along with the investment, according to BOI, the trade turnover between the two countries has reached $29 billion.
Mr. Nguyen Dinh Nam, Executive Director of IPA Vietnam, said that with its increasing position in the supply chain and competitive advantages in geopolitics, labor costs, and economic growth potential… Vietnam is an attractive investment destination for many international investors, including Thai investors.
However, Thai investors mainly invest in southern provinces such as Ba Ria-Vung Tau, Dong Nai, Binh Duong, Kien Giang, Ho Chi Minh City, and Bac Lieu. Central provinces (Nghe An, Quang Binh) and northern provinces (Hanoi, Vinh Phuc) only account for a small amount of capital in the top 10 localities attracting the most investment from Thailand.
“Therefore, on this trip to Vietnam, Thai investors have come to survey the investment and business environment in some northern provinces,” said Mr. Nam.
To promote investment and business cooperation between the two countries in the coming time, the Deputy Secretary-General of the Thailand Board of Investment said that the main role and responsibility of BOI are to promote investment and support Thai businesses to invest abroad, including Vietnam. Accordingly, BOI always creates conditions and provides the closest and most timely support for Thai investors while committing to creating a friendly investment environment and connectivity, contributing to promoting economic cooperation between the two countries.
“Therefore, this survey of the actual investment environment will help Thai businesses better understand the economy, society, position, and potential opportunities for investment activities in Vietnam,” affirmed Mr. Narucha Ruchuphan.
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