Thailand’s investors have faith in Vietnam
Thailand’s investors have faith in Vietnam
In December 2021, the Thai Business Association was officially upgraded to the Thai Chamber of Commerce and Industry in Vietnam, or ThaiCham for short. Our team has been working hard to support our members during these challenging times. In particular, we are building valuable relationships with government agencies and other chambers here, effectively raising the voice of ThaiCham in Vietnam with seminars, conferences, and other events.
With the prosperity of the economy, Thai investors are confident in Vietnam and looking to pour more investment here, while looking forward to border openings without travel restrictions and long quarantine policies. Even with these, we know that many Thai businesses are preparing to increase production capacity here across many areas. With an amazing vaccination rate and coverage, we believe that Vietnam can get back to high growth again in 2022.
We have witnessed tremendous improvement in recent years in general, and provincial officials are now providing the utmost effort for foreign investors. Many laws have been issued and some conflicts, especially about land, have been resolved. We hope that the Vietnamese government can set up more events to listen to foreign investors and craft action plans to solve similar issues in a timely manner. In 2021, the two countries will celebrate the 45th anniversary of bilateral relations, hold the fourth Joint Cabinet Retreat, and sign a plan of action to implement the Vietnam-Thailand Strategic Partnership for the 2021-2025 period.
Currently, Thailand is Vietnam’s biggest trading partner in ASEAN, and Vietnam is Thailand’s fourth-largest exporting market. Thailand is the ninth-largest investor out of 141 countries and territories investing in Vietnam, with around 370 projects and total investment capital of $13 billion.
The nations have also set a trade target of $25 billion by 2025 as part of efforts to boost economic ties between the two ASEAN members.
During these challenging times, ThaiCham, in coordination with the Thai Consulate General in Ho Chi Minh City, has played a key role in supporting Thai investors during the pandemic. We helped to find vaccines not only for Thai groups but also for the Thai community as well as their local staff and families.
