Stronger economic integration envisioned alongside Thailand

Thai investors are accelerating a fresh wave into the Vietnamese market, underscoring strong confidence in the long-term growth prospects.

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Praween Wirotpan, chairman of the Thai Chamber of Commerce and Industry in Vietnam, discussed with VIR's Thanh Van the latest developments and emerging trends among Thai investors.

Could you elaborate how the wave of Thai investments has evolved in Vietnam over the past years?

They can be categorised into three phases. The initial phase, spanning from 2010 to 2015, saw Thai conglomerates, such as C.P, Central Group, TCC Group, and SCG, establishing manufacturing bases and retail presence, capitalising on Vietnam's competitive labour costs and growing consumer market.

The second phase happened during strong industrialisation and urbanisation progress from 2016 to 2020, with the manufacturing and processing sector grew significantly high. This period witnessed large-scale investments in renewable energy, food processing, and modern retail formats.

Moreover, the ratification of various free trade agreements further incentivised Thai companies to integrate Vietnam into their regional value chains.

We are now in the third phase, where new opportunities appear in alignment with new growth driver identification, our investments are fuelled in high-value-added sectors, technology transfer, and sustainability initiatives.